US-based DuPont has reached a definitive agreement for the acquisition of speciality medical devices maker Spectrum Plastics Group (Spectrum) from AEA Investors for $1.75bn.

Spectrum serves medical device original equipment manufacturers (OEMs) in the electrophysiology, structural heart, surgical robotics and cardiovascular markets.

The proposed acquisition is complementary to DuPont’s existing product portfolio in the application areas of biopharma and pharma processing, medical devices and packaging.

It complements DuPont’s Liveo silicone solutions and Tyvek medical packaging.

DuPont executive chairman and CEO Ed Breen said: “Spectrum is a compelling strategic complement to our existing healthcare portfolio, which already includes businesses with best-in-class innovation, deep customer relationships and strong growth and profitability.

“With this combination, we’ll be able to offer customers additional innovation and manufacturing capabilities with a broader and more integrated solution set.”

Through the acquisition, the company expects to strengthen its position in the medical market.

DuPont stated that the acquisition will result in healthcare contributing about 10% of its overall revenue.

Furthermore, the acquisition is expected to bring Spectrum’s advanced manufacturing capabilities to DuPont, in addition to its long-term customer relationships with some of the world’s biggest OEMs in the medical device market.

AEA Investors partner Rahul Goyal said: “Through investments in the commercial and engineering organisations and expansion of its manufacturing operations, Spectrum has enhanced its capabilities and offerings in medical end markets and achieved significant growth and increased profitability.”

Subject to regulatory approvals and other customary closing conditions, the deal is expected to be completed by the end of the third quarter of this year.