NEW YORK--(BUSINESS WIRE)--Feb. 20, 2018--
Steel Partners Holdings L.P. (NYSE:SPLP) today 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. Terms of the transaction
were not disclosed.
Headquartered in Bristol, Pennsylvania, and with three major ISO 9001:
2008 certified manufacturing facilities (two in the United States and
one in Europe), Dunmore is a leading global provider of specialty
coated, laminated and metallized films. Founded 45 years ago, Dunmore
will operate as a stand-alone business, reporting into Steel Partners’
API Group subsidiary, which is part of Steel Partners’ Diversified
Industrial segment.
“Dunmore, which had sales last year of approximately $70 million,
provides another growth platform for Steel and 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. Since our acquisition of API
in 2015, we have been able to grow the top line of that business by 50%,
including two complementary acquisitions, and we significantly enhanced
quality and productivity through the disciplines of our Steel Business
System.”
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.”
About Steel Partners
Steel Partners Holdings L.P. (www.steelpartners.com)
is a diversified global holding company that owns and operates
businesses and has significant interests in leading companies in various
industries, including diversified industrial products, energy, defense,
supply chain management and logistics, banking and youth sports.
About API
API Group (www.apigroup.com)
is a leading manufacturer and distributor of foils, laminates and
holographic materials which provide exceptional brand enhancement for
consumer goods and printed media worldwide. With roots in the British
paper industry, the company’s reputation is founded on a trading history
going back over a century.
Operating from thirteen locations across Europe, America and Asia, API’s
packaging solutions enable companies across a wide-range of industry
sectors, including premium drinks, confectionery, tobacco, perfumery,
personal-care, cosmetics and healthcare to empower their brands on the
shelf and in the hand.
About Dunmore
Dunmore Corporation (www.dunmore.com)
is a global supplier of engineered coated and laminated films and foils.
Dunmore offers film conversion services such as coating, metallizing and
laminating along with contract film manufacturing and custom film
product development. Dunmore produces coated film, metallized film and
laminating film substrates for the aircraft, spacecraft, photovoltaic,
graphic arts, packaging, insulation, surfacing and fashion industries.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that reflect Steel Partners Holdings’ current expectations and
projections about future results, performance, prospects and
opportunities. Steel Partners Holdings has tried to identify these
forward-looking statements by using words such as “may,” “should,”
“expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate”
and similar expressions. These forward-looking statements are based on
information currently available and are subject to risks, uncertainties
and other factors that could cause actual results, performance,
prospects or future opportunities to differ materially from those
expressed in, or implied by, these forward-looking statements. These
factors include, without limitation, the ability of Steel Partners
Holdings to successfully integrate Dunmore’s business and the risk that
the expected benefits of the transaction may not be realized or
maintained, the need for additional financing and the terms and
conditions of any financing that is consummated, customers' acceptance
of new and existing products, the risk that Steel Partners Holdings and
its operating companies will not be able to compete successfully, the
possible volatility of Steel Partners Holdings common or preferred unit
price and the potential fluctuation in its operating results. Although
Steel Partners Holdings believes that the expectations reflected in
these forward-looking statements are reasonable and achievable, no
assurance can be given that the actual results will be consistent with
these forward-looking statements. Investors should read carefully the
factors described in the “Risk Factors” section of Steel Partners
Holdings filings with the SEC, including Steel Partners Holdings Form
10-K for the year ended December 31, 2016, and in any interim quarterly
reports, for information regarding risk factors that could affect Steel
Partners Holdings’ results. Except as otherwise required by federal
securities laws, Steel Partners Holdings undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, changed circumstances or any
other reason.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180220005494/en/
Source: Steel Partners Holdings L.P.
For API customer and media inquiries:
Richard Burhouse, +44
1625 650500
Commercial Director
richard.burhouse@apigroup.com
or
For
Dunmore customer and media inquiries:
Tom Rimel, +1-215-781-8895
COO
trimel@dunmore.com
or
For
Steel Partners Holdings investor and media inquiries:
PondelWilkinson
Inc.
Roger Pondel, +1-310-279-5965
rpondel@pondel.com
