Steel Partners Holdings, the parent company of UK-based API Group, 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, founded 45 years ago, is a provider of specialty coated, laminated and metallised films. The company boasts two manufacturing sites in America and one in Europe. Steel Partners confirmed Dunmore will operate as a stand-alone business, reporting into API Group, which has a base in Livingston.
Warren Lichtenstein, executive chairman of Steel Partners said, “Dunmore, which had sales last year of approximately $70 million, provides another growth platform for API. 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 added, “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.”
Dunmore CEO Matt Sullivan said, “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.”
