Barnes Group – B – To Acquire Synventive Molding Solutions
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 privately held Synventive Molding Solutions, a leading designer and manufacturer of highly engineered and customized hot runner systems, components, and services, headquartered in Peabody, Massachusetts. Hot runner systems are the enabling technology for many complex injection molding applications and are standard in industries that require premium product aesthetics and performance.
- Synventive is a Leading Designer and Manufacturer of Highly Engineered Components and Services to the Global Injection Molding Industry
- Acquisition Expands Barnes Group’s Intellectual Property Based Manufacturing Capability and Global Access
Barnes Group (B) has agreed to purchase all the capital stock of Synventive for $335 million in cash, subject to certain closing and post-closing adjustments, and is expected to finance the transaction with cash on hand and additional borrowings under an accordion feature of the Company’s existing credit agreement. The acquisition is anticipated to close in August 2012, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions, including obtaining necessary third party agreements.
Synventive is one of the world’s largest hot runner systems manufacturers, serving a global customer base of more than 3,000 molders, mold makers and original equipment manufacturers across 50 countries. With estimated 2012 revenues of approximately $160 million, Synventive operates out of three manufacturing locations in the United States, Germany and China, with sales and service offices in 28 countries and 770 employees worldwide. Synventive will operate as a strategic business unit within Barnes Group’s Industrial Segment.
“We are very excited to add Synventive to Barnes Group (B) and about the tremendous opportunities for growth we expect this acquisition to bring to us,” said Gregory Milzcik, President and CEO of Barnes Group Inc. “The global demand for more complex, highly technical injection molding solutions is anticipated to grow substantially in the future. We are eager to add Synventive’s innovative products and services to Barnes Group’s core manufacturing capabilities and to work with them to create a stronger, more dynamic presence in the global marketplace.”
About Barnes Group Inc. – B
Founded in 1857, Barnes Group Inc. (B) is an international aerospace and industrial manufacturing and service provider, serving a wide range of end markets and customers. The products and services provided by Barnes Group are used in far-reaching applications that provide transportation, communication, manufacturing and technology to the world. Barnes Group’s approximately 4,400 dedicated employees, at more than 50 locations worldwide, are committed to achieving consistent and sustainable profitable growth.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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