Mississauga, Ontario -- MTI Global Inc. has completed the sale of the majority of MTI Leewood's assets and the N.A. Silicone Richmond, Virginia, plant to speciality materials producer Rogers Corp. for $7.4 million.
MTI Global said it used proceeds from the deal to reduce its debt obligations.
MTI Global announced the sale to Rogers on 24 March. Rogers acquired lines, technology and manufacturing equipment at MTI's Richmond, Virginia, and Bremen, Germany, facilities. Sales associated with the assets it is purchasing reached about $21 million in 2008, according to Rogers.
The transaction -- which includes the 50-employee Richmond plant -- to close sometime in the second quarter.
Rogers' speciality offerings include polyurethane and silicone foam materials used in a wide range of outlets in the medical, electronics and printing sectors, among others.