Steel Partners has completed the purchase of the assets of US-based speciality coated film manufacturer Dunmore.
Financial details of the acquisition, which includes the share purchase of Dunmore Europe in Germany, remain undisclosed.
Operating for the past 45 years, Dunmore has two manufacturing facilities in the US and one in Europe, which focus on the production and supply of speciality coated, laminated and metallised films.
Steel Partners executive chairman Warren Lichtenstein said: “Dunmore, which had sales last year of approximately $70m, provides another growth platform for Steel and API.
“The transaction deepens our market penetration into substrates, technical films, and laminates, serving the aerospace, photovoltaic solar panel, reflective insulation and durable label markets.
“It also opens new adjacent markets for existing technologies and capabilities.”
Headquartered in Bristol, Pennsylvania, US, Dunmore will continue to function as a standalone business after the acquisition and report to the API Group subsidiary.
Steel Partners is the parent company of UK-based manufacturer API Group.
API Group chief executive officer Dino Kiriakopoulos said: “Dunmore’s modern facilities in the US 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.”