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Article: SPM SOLD TO BRITISH VENTURE CAPITAL FIRM.
- Article from:
- Plastics News
- Article date:
- February 22, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON -- Custom injection molder SPM Inc. is being acquired as part of a [pound]322 million ($528 million) management buyout backed by British venture capitalist Cinven.
In the cash deal, SPM of Anaheim, Calif., and sister firm metal die-caster Dynacast are being sold by London-based textile and engineering firm Coats Viyella plc.
SPM and Dynacast form Coats Viyella's precision engineering division Dynacast International Ltd. of Alcester, England. Coats Viyella had revealed in December that it was in talks with several potential bidders for the division.
The takeover, which still awaits approval from Coats Viyella's shareholders, should close ...