Dana Holding Corporation announced today that it has completed the acquisition of Magnum Gaskets®, a U.S.-based supplier of aftermarket gaskets and sealing products for automotive and commercial-vehicle applications. Magnum Gaskets will enhance Dana's sealing product offerings and complement the company's Victor Reinz® and Glaser® global sealing brands.
"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," said James Kamsickas, Dana president and chief executive officer. "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."
The Magnum Gaskets® brand offers a broad range of gasket solutions, including cylinder head, valve cover, oil pan, and manifold gasket sets for the North American automotive aftermarket. Distribution of Magnum Gaskets to existing customers will not be disrupted as a result of the acquisition.
"The aftermarket sealing business is a priority for Dana, and we are proud to add Magnum Gaskets to our portfolio of well-respected aftermarket brands, expanding Dana's market position as a world leader in gasket and sealing technologies," said Doug Wolma, vice president and general manager of the Dana Aftermarket. "We are pleased to have another outstanding product offering within our aftermarket business to better meet our customers' needs in North America and around the world."
The terms of the agreement were not disclosed.
“For our customers, only good things will result from this acquisition,” according to Alex Grunfeld, who has joined the Dana team as Senior Manager, Aftermarket Sales, along with other key members of the Magnum staff. “Magnum Gaskets will now be supplied by one of the world’s most respected and technologically advanced companies in the automotive industry. Magnum Gasket sets will continue to feature American-engineered and manufactured, precision molded gaskets from Modern Silicone Technologies (MSi), but we are now backed by the resources of Dana Holding Corporation, a Fortune 500 company for the past 61 years.”
The Magnum Gaskets brand was launched in 2012 by Modern Silicone Technologies, a leading American contract manufacturer of high-tech molded gaskets for major aftermarket brands and OEMs for over twenty years. Located in Bannockburn, Ill., Magnum Gaskets was purchased from Modern Silicone Technologies, which will continue to serve unrelated markets for high-technology molded rubber and plastic products. For more information, visit www.magnumgaskets.com or call 847-580-6110
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