On Aug. 2, Wilmington, Delaware-based global chemical company DuPont announced that it has completed its previously announced acquisition of Spectrum Plastics Group.

In May, DuPont announced it would acquire Spectrum Plastics Group from AEA Investors for $1.75 billion.

“I am pleased to welcome our talented Spectrum colleagues to DuPont,” said Ed Breen, DuPont Executive Chairman and CEO. “We are excited to add Spectrum’s best-in-class advanced manufacturing capabilities, and decades-long customer relationships with the largest medical device OEMs to our existing healthcare portfolio. This acquisition fully aligns with our strategic objectives and is expected to increase overall top-line growth rates for DuPont through a broader and more integrated set of offerings for critical healthcare applications led by customer-driven innovation.”

Based in Alpharetta, Georgia, Spectrum focuses on areas of medical technology including electrophysiology, surgical robotics, structural heart and cardiovascular.

The purchase price is expected to be paid from DuPont’s existing cash balances. DuPont announced the completed acquisition during its 2023 second-quarter earnings call.

For 2Q 2023, the company reported that net sales were approximately $3.1 billion, a 7% drop compared to the same quarter last year. Organic sales declined 4% during the quarter.