Alpharetta, Ga.-based contract manufacturer Spectrum Plastics Group acquired Earnan Biomedical Ltd., a developer and manufacturer of medical balloons based in Wexford, Ireland.
The deal comes on the heels of a joint marketing agreement in which medical balloons formed with Spectrum Plastics' tubing and Earnan Biomedical's manufacturing technology were offered through Spectrum's online store called Apollo Medical Extrusion.
The collaboration that started in January allowed Spectrum Plastics to offer percutaneous transluminal angioplasty balloon catheters, which have an inflatable balloon at the tip for minimally invasive catheter procedures, to customers in North America the next day and customers in Europe within three days.
The two companies aligned well in the catheter systems market and that led to acquisition talks, according to a news release. Terms were not disclosed.
Earnan Biomedical will become part of Spectrum Plastics' vascular technologies division with Colin Sutherland, CEO of the acquired company, serving as vice president of balloon technologies and directing the Wexford site. Spectrum will keep the Earnan brand name.
In addition to cardiovascular applications, Earnan Biomedical specializes in balloon-forming technologies for textured and nontextured balloons made from nylon, polyurethane and polyester for gastrointestinal, nutritional, neurovascular, wound care and orthopedic uses. The company also has developed multilayered balloon designs and high-pressure products.
The acquisition represents a second investment for Spectrum Plastics in Ireland, where it has a manufacturing operation in Tullamore. The company's previous acquisition, Fermatex Vascular Technologies in May 2018, also expanded the vascular technologies division, which is a focus of growth.
Spectrum Plastics also has plants in Mexico, Costa Rica and Malaysia. In addition to medical, the company has customers in the food and defense markets.
With estimated extrusion sales of $260 million, Spectrum ranks 19th among North American pipe, profile and tubing manufacturers, according to Plastics News' latest ranking. The company also did an estimated $65 million of injection molding related sales.