Everything old is new again at Oxford Performance Materials Inc.
The firm's previous owners have bought back the business less than three years after selling a majority stake to French materials firm Arkema SA. And they'll soon leave Enfield, Conn. — the space the firm has occupied since its founding in 2002 — for a larger site in nearby South Windsor, Conn.
Scott DeFelice and Severine Zygmont now own OPM once again. The firm makes Oxpekk-brand polyetherketone ketone, a specialty resin used in medical and semiconductor markets.
The buyback is “a great outcome,” DeFelice said June 7 by phone.
“We had been on a mission to bring [PEKK] into the spotlight, and working with Arkema was one of the final pieces of the puzzle,” he said. “But after a few years, the business started to split into medical and industrial.”
OPM now will focus on medical applications such as high-value-added implantable devices. Officials with Arkema in Colombes, France, said in a June 6 news release they'll continue to seek PEKK opportunities in the industrial market. Civil and military aircraft, and oil and gas applications, hold new possibilities for PEKK, said Richard Audry, Arkema's director for that material.
Terms were not disclosed. Arkema had acquired a majority stake in OPM in late 2008.
The move will allow OPM to more than double its space, going from 7,000 square feet in Enfield to 18,000 in South Windsor. The new site has expanded clean rooms for polymer processing and additional fabrication technologies. The move is expected to be complete by September.
Moving also will allow OPM to add two jobs, increasing its total head count to 16. The firm has annual sales of about $2 million.