Spectrum Plastics Group, a unit of Spell Capital Partners LLC, has bought a micro-molding business from an undisclosed firm.
The acquisition will expand Spectrum's ability to do micro-molding work for the aerospace, defense and medical-device markets, officials with St. Louis Park, Minn.-based Spectrum said in a Jan. 25 news release.
No purchase price was disclosed, and Spectrum is declining to identify the seller, a company spokesman said. The business being acquired is only part of the seller's firm, the spokesman added.
Equipment used for the new micro-molding work will be installed at Spectrum's St. Louis Park plant. The transaction is expected to create new jobs over a period of time, although none will be added at present.
The trend is toward using injection molded plastics in new applications as the material properties continue to improve, Randy Ahlm, Spectrum president and CEO, said in the release.
That work includes additional metal-to-plastic conversions to the micro-scale parts used in implantable medical devices, and highly engineered aerospace, defense and industrial components, he added.
The Spectrum group was created in early 2008 when Spell's Midwest Plastics Components unit in St. Louis Park bought Spectrum Plastic Molding Resources Inc., an injection molder in Ansonia, Conn. Midwest had acquired injection molder Peerless Injection Molding LLC and prototyper Dynacept Corp. in late 2007. Spectrum then bought prototyper Protogenic Inc. of Westminster, Colo., in mid-2008.
Minneapolis-based Spell a longtime player in plastics mergers and acquisitions then combined those five companies under the Spectrum name. The unit employs 325 and posted sales of $51 million in 2009.
Spectrum's micro-molding deal is Spell's first plastics transaction since its Rotonics Manufacturing Inc. unit sold its rotomolded tank-making division to Norwesco Inc. and Snyder Industries Inc. in August.