3M has a product called Cold Shrink tubing. It is designed to seal high
voltage, etc cables in buried installations. It is a silicone (?) rubber
stretched over a collapsable polyethylene core. You run the cable through the
core and pull on a tab which unwinds the core and the stretched silicone
collapses and forms a water tight seal.
I have not used it to seal cables, but have used to replace polyurethane
coatings on printer platens (Tek TDR thermal printers and HP9100 calculator
electrostatic printers) that have turned to goo.
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