BRISTOL CT. USA AUGUST 31 2016
Barnes Group Inc. Completes Acquisition of FOBOHA Operations in Germany and Switzerland
BRISTOL, Conn.-- Barnes Group Inc. (NYSE:B), an international industrial and aerospace manufacturer and service provider, today announced it has completed substantially all of its acquisition of Adval Tech’s Molds Business (FOBOHA). FOBOHA, which has annual sales of approximately $75 million, specializes in the development and manufacturing of complex plastic injection molds for packaging, medical, consumer, and automotive applications. The transaction closing of FOBOHA’s China operations is awaiting Chinese government approval which is expected in the fourth quarter of 2016.
Barnes Group agreed to purchase FOBOHA for CHF 133 million and financed the transaction with cash on hand and borrowings under the Company’s revolving credit facility. FOBOHA will operate as a business within the Molding Solutions strategic business unit of Barnes Group’s Industrial Segment.
“We are pleased to move forward with the FOBOHA transaction and welcome its talented workforce to Barnes Group,” said Patrick Dempsey, President and CEO of Barnes Group Inc. “FOBOHA’s engineering capabilities and proprietary cube mold technology enhances our position as a global supplier of complex molding systems and provides us with further growth opportunities in plastic injection molding end markets.”
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, 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.
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. Specifically, our expectations regarding the benefits resulting from and 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.