BRISTOL, Conn.--(BUSINESS WIRE)--Barnes Group Inc. (NYSE:B), an international aerospace and industrial manufacturing and service provider, today announced that it has entered into a definitive agreement to acquire Adval Tech’s molds business (FOBOHA), focused on the development and manufacture of complex plastic injection molds for packaging, medical, consumer, and automotive applications. FOBOHA, which is headquartered in Haslach, Germany, operates out of three manufacturing locations in Germany, Switzerland, and China.
Barnes Group has agreed to purchase the FOBOHA mold-making business for CHF 133 million (approximately $136 million), subject to certain closing adjustments, and is expected to finance the transaction with cash on hand and borrowings under the Company’s revolving credit facility. The acquisition is expected to close in the third quarter of 2016, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions. Following the closing, FOBOHA will operate as a business within the Molding Solutions strategic business unit of Barnes Group’s Industrial Segment.
“We are excited to add FOBOHA’s proprietary cube mold technology to our portfolio of advanced offerings in the plastic injection molding industry,” said Patrick Dempsey, President and CEO of Barnes Group Inc. “The addition of FOBOHA enhances our position as a leading global supplier of complex molding systems.”
Barnes Group will provide additional details about Adval Tech’s FOBOHA business after the close of the transaction.
About Barnes Group
Founded in 1857, Barnes Group Inc. (NYSE:
B) is an international industrial and aerospace manufacturer and service
provider, serving a wide range of end markets and customers. The highly
engineered products, differentiated industrial technologies, and
innovative solutions delivered by Barnes Group are used in far-reaching
applications that provide transportation, manufacturing, healthcare
products, and technology to the world. Barnes Group’s skilled and
dedicated employees around the globe are committed to achieving
consistent and sustainable profitable growth. For more information,
visit www.BGInc.com.
Forward-Looking Statements
This press release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements often contain
words such as "anticipate," "believe," "expect," "plan," "estimate,"
"project," and similar terms. Our expectations regarding the completion
of the acquisition of the FOBOHA molds business are forward-looking
statements. They do not constitute guarantees of future performance and
are subject to a variety of risks and uncertainties that may cause
actual results to differ materially from those expressed in the
forward-looking statements. These risks and uncertainties include those
described in documents filed with or furnished to the Securities and
Exchange Commission ("SEC") by the Company. The Company assumes no
obligation to update its forward-looking statements.
