Barnes Group Inc. has completed substantially all of its acquisition of Adval Tech’s Molds Business
OREANDA-NEWS. 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.