Steel Partners Holdings L.P. (NYSE: SPLP), the parent company of UK-based API Group, has announced it has completed the acquisition of the assets of the specialty coated film manufacturer, Dunmore Corporation in the United States, and the share purchase of Dunmore Europe GmbH in Germany.
Dunmore is a leading global provider of specialty coated, laminated and metallized films and has three major ISO 9001: 2008 certified manufacturing facilities; two in the United States and one in Europe. Founded 45 years ago, Dunmore will operate as a stand-alone business, reporting into API Group, which is a subsidiary of Steel Partners.“Dunmore, which had sales last year of approximately $70 million, provides another growth platform for API,” said Warren Lichtenstein, Executive Chairman of Steel Partners. “The transaction deepens our market penetration into substrates, technical films, and laminates, serving the aerospace, photo voltaic solar panel, reflective insulation and durable label markets. It also opens new adjacent markets for existing technologies and capabilities.”
Dino Kiriakopoulos, CEO of API Group, said, “Dunmore’s modern facilities in the United States and Germany, which produce high-value films and laminates, will provide us with an excellent platform to continue to develop the high-value markets in graphic and technical laminates we entered when we acquired Amsterdam Metallized Products.”Commenting on the acquisition, Dunmore CEO Matt Sullivan, added, “The complementary opportunities are huge and speak for themselves, so we look forward to working with Warren, Dino and the entire team as we develop this next, exciting phase in Dunmore’s history.”