The acquisition came at the end of a period of heavy activity for both DuPont and Spectrum. Late in 2022, DuPont ended its bid to acquire U.S. composites maker Rogers Corp. for $5.2 billion because of delays in getting approvals for the deal from Chinese regulators.
Also last year, DuPont sold its Mobility and Materials unit — including its legacy nylon resin line and other engineering resins — to Celanese Corp. for $11 billion. On the products side, DuPont in July opened a new Liveo silicone biopharmaceutical tubing plant at its Cooper River site in Moncks Corners, S.C.
Spectrum has made three acquisitions since 2020. Last year, the firm invested in advanced additive manufacturing production and expanded clean room operations at its plant in Mexicali, Mexico. In 2022, Spectrum posted sales of $450 million and EBITDA of $95 million.
Alpharetta, Ga.-based Spectrum is a major extruder of medical tubing and also makes other medical products. The firm employs more than 2,200 at 20 global sites, including 14 in the United States.
Wilmington-based DuPont is buying Spectrum from New York-based financial firm AEA Investors, which has owned Spectrum since 2018. Spectrum was formed by the 2017 merger of Pexco LLC and PPC Industries, both of which were owned by investment firm Kohlberg & Co. LLC of Mount Kisco, N.Y.
DuPont officials said Spectrum's product mix complements existing DuPont products such as Liveo-brand silicone solutions and Tyvek-brand medical packaging.
The first half also saw three deals made in the resin distribution market.
Greg Boston became sole owner of resin distributor General Polymers Thermoplastic Materials LLC when he bought all remaining equity interest in the firm from Michael Kirtley. Boston and Kirtley had co-founded the firm in 2016 in Clarkston, Mich. It's now based in Rochester Hills, Mich.
General Polymers supplies small to midsized processors with a focus on prime, certifiable grades of engineering resins and compounds. Its supply partners include Asahi Kasei, Elix Polymers, Nycoa and Enviroplas.
In another resin distribution deal, Formerra LLC made a deal of its own less than six months after an ownership change, acquiring Irish materials supplier Total Polymer Solutions for an undisclosed price.
Cleveland-based Formerra has worked with TPS of Dublin for more than a decade, Formerra officials said. TPS sells into Ireland, the United Kingdom and other parts of Europe. The firm serves the manufacturing operations of multinational health care customers. TPS was launched in 2002 and distributes a wide range of resins, compounds, concentrates and thermoplastic elastomers.
The acquisition "will enable Formerra to strengthen its global health care distribution platform while building on both companies' shared capabilities around rapid product development, innovation and regulatory support," CEO Cathy Dodd said in the release.