MAUMEE, Ohio—Dana Holding Corp. has completed the acquisition of Magnum Gaskets, a U.S.-based supplier of aftermarket gaskets and sealing products for automotive and commercial-vehicle applications.
Located in Bannockburn, Ill., Magnum Gaskets was purchased from Modern Silicone Technologies Inc., an American contract manufacturer of high-tech molded gaskets with a focus on liquid silicone rubber injection molding, Dana said in a Feb. 1 news release.
Financial terms of the agreement were not disclosed.
“This acquisition aligns with Dana's growth strategy and our company's global position as a preeminent supplier of gaskets and sealing technologies for original equipment manufacturers and our aftermarket customers,” James Kamsickas, Dana president and CEO, said in a statement. “This strategic action will enable Dana to increase customer satisfaction, while accelerating our aftermarket growth by expanding our portfolio of products and the geographical regions in which we operate.”
Dana said that Magnum Gaskets will enhance its sealing product offerings and complement its Victor Reinz and Glaser global aftermarket brands. The Magnum Gaskets brand includes cylinder head, valve cover, oil pan and manifold gasket sets for the North American automotive aftermarket. Distribution to existing customers will not be disrupted.
Dana produces highly engineered driveline, sealing and thermal management technologies serving the passenger vehicle, commercial truck and off-highway equipment worldwide. The firm is based in Maumee and consists of 23,000 employees in 25 countries.