TORONTO — Magnifoam Technology Inc. plans to diversify its foam technologies by acquiring Polyfab Corp. of Mississauga, Ontario.
Magnifoam, which has focused on low density silicone foam, agreed to buy Polyfab by about Jan. 7 for undisclosed terms, the Barrie, Ontario, company announced Nov. 24.
Polyfab designs and makes foam and foam composite products used in aerospace, automotive, packaging, sporting goods and industrial components. Foam materials it uses include polyethylene, polypropylene, polyimide, polyurethane and rubber, according to George Knowles, Polyfab general manager. It recorded sales of C$12 million (US$8.5 million) for the year ended Oct. 31.
The deal will allow Magnifoam to expand its markets and introduce silicone foam to new applications, said Carolyn Brooks, Magnifoam marketing manager.
``[Polyfab's] downstream technologies and markets are key,'' she said.
Thomas Ambeau, Magnifoam president and chief executive officer, said in a news release that the purchase fits his firm's strategy to integrate silicone foam with systems engineering expertise.
Polyfab emphasizes making systems and complex components rather than foam parts, which customers must assemble themselves, Knowles said. Its 80,000-square-foot plant is ISO 9002 certified and employs a design team among its more than 100 employees to develop energy, thermal and acoustic management products. Major customers include Montreal-based Bombardier Inc.'s aerospace operations.
The company was established in 1980.
Magnifoam opened a 30,000-square-foot plant in Barrie about 14 months ago after developing fire-resistant, durable silicone foam with densities as low as 5 pounds per cubic foot. Its MF1 and MFSiltec foams have applications in mass transit, automotive, aerospace, health care and other markets. Brooks did not disclose sales figures or order backlogs.
Knowles said Magnifoam products have excellent physical properties that will broaden Polyfab's markets, although he does not expect silicones to replace all the materials Polyfab now uses.
Polyfab's existing management plans to stay on after the deal.