"Prior to the acquisition, Sur-Seal was capable of servicing most industries in need of gaskets, seals, thermal interface materials and other die-cut, molded or extruded components for cushioning, spacing, insulating, etc.," Faist said. "There is absolutely new market potential in this acquisition, as Spectex has the knowledge and relationships in the safety, energy, and general industrial industries that will allow our organization to further our knowledge base and services in those industries."
The two entities had no working relationship prior to the acquisition, but there were several reasons why Sur-Seal acquired Spectex.
Faist said one major factor was Spectex's location in New Hampshire because it allowed Sur-Seal to expand its presence into the Northeast. Additionally, Spectex's "unique materials in carbonized felt and specialty textiles" allowed Sur-Seal to expand its materials expertise to new applications and customers.
Lastly, the common values and approach between the two companies contributed to the decision, as it allows for a "collaborative environment to hit the ground running and better service our collective customers," Faist said.
Sur-Seal is retaining all 16 Spectex employees, making a total of 276 employees now at the company. Sur-Seal has service centers in Ohio, Mexico and China, and does business in 25 countries, with more than 200 OEM customers. The Spectex acquisition adds one location in Dover, N.H., into the mix.
"Our approach to transactions like this does not include looking for ways to reduce people," Faist said. "We value providing opportunities for people to grow and contribute more as a result of the merging of our businesses. Our purpose is to accelerate growth beyond what we could each do independently."
The Spectex acquisition is just one strategic move the company is making to expand its capabilities to serve its customers.
"Sur-Seal is continuing to look for expansion opportunities that will support growth in new geographies, new industries, new materials and new capabilities," Faist said. "We are looking for companies to partner with that value people, have special competencies and can be synergistic with us all working together as a team."