Geon Performance Solutions LLC has acquired medical compounder Foster Corp. for an undisclosed price.
Putnam, Conn.-based Foster makes biomedical polymers used in high-growth health care and medical devices. The firm operates three plants and two distribution centers in the U.S., employing about 200. Foster also has supply partnerships in Europe and Southeast Asia.
In a Jan. 7 news release, Geon CEO Tracy Garrison said the acquisition "broadens Geon's portfolio of medical polymer solutions to offer a full spectrum of materials to medical companies." He added that Foster "has an impressive 36-year track record of delivering highly innovative, market-leading technologies for life-saving medical devices."
Westlake, Ohio-based Geon now has made four acquisitions since 2020 and two in the last 18 months. In late 2023, Geon acquired Polymax TPE, a maker of thermoplastic elastomers with operations in China and the U.S.
Officials said acquisitions are "a key component of [Geon's] strategy to enhance and diversify its portfolio … and further expand its global footprint for customers."
In the medical market, Geon currently offers rigid and flexible PVC and TPE materials and contract manufacturing services.
Foster has the same ISO certification as Geon for medical device manufacturing resins and offers formulation, development and production of custom medical compounds, as well as implantable materials, engineered polymers, thermoplastic polyurethane elastomers and polymer enhancements. The firm also offers a range of services in clean and white room manufacturing facilities. In 2019, Foster opened a 56,000-square-foot plant in Putnam.
Foster President and CEO Larry Acquarulo said Geon "is the ideal partner to leverage Foster's strengths and augment its capabilities to better serve unique customer needs."
Geon is owned by investment firm SK Capital Partners. Geon, which is one of North America's largest PVC compounders, employs 1,200 and has annual sales of around $1.2 billion. During 2024, Geon installed a new production line at its plant in Ramos Arizpe, Mexico.