Plastics processor Spectrum Plastics Group has made its second acquisition in six months, this time buying most of the assets of Laser Light Technologies LLC for an undisclosed price.
In a May 3 news release, officials with Spectrum in Alpharetta, Ga., said that Hermann, Mo.-based Laser Light "has decades of expertise as a critical supplier for global customers through the customization of laser processing systems and services."
Spectrum has been both a customer and collaborator with Laser Light on catheter-based programs for the medical device industry. The acquisition "brings [Spectrum] leading-edge laser processing capabilities for a wide range of polymer and metal components and assemblies," Spectrum President and CEO Thomas Sullivan said in the release.
"We are excited to continue the legacy of responsiveness in quick-turn development and scaled production that [Laser Light CEO] Frank Hannan and his team have built," Sullivan added.
Hannan said in the release that with the global resources of Spectrum and the combined technologies of both companies, Laser Light "is well positioned to advance innovation and accelerate our customers' speed to market and growth."
It's the second deal for Spectrum since December, when it acquired PeelMaster Medical Packaging Corp. of Niles, Ill. PeelMaster is a converter of sterile flexible packaging that makes pouches, header bags and die-cut lids from materials including Tyvek spunbond polyethylene.
Spectrum got its start in 2017 when private equity firm Kohlberg & Co. LLC acquired Pexco LLC and merged it with its PPC Industries Inc. business. Since then, Spectrum has been acquiring companies in custom and specialty plastics end markets including medical, food and defense.
AEA Investors bought Spectrum less than a year after its launch. Spectrum made two acquisitions in 2018, buying injection molder/toolmaker Apex Resource Technologies Inc. and tubing extruder Adam Spence Corp.
Overall, Spectrum employs more than 1,700 globally at more than 20 locations that cover 1 million square feet of manufacturing space. Plastics News ranks Spectrum's injection molding business No. 108 in North America with estimated sales of $65 million, and its pipe, profile and tubing extrusion business at No. 94 with estimated sales of $26 million.