Barnes Group Inc., 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.”
The purchase agreement between Adval Tech and Barnes Group includes the Molds shares in Europe, the United States and Asia. The new owner plans to integrate the Molds segment as an ideal complement to its strategic Molding Solutions (MS) division. The price of the acquisition is CHF 133 million on a debt and cash free basis. Subject to approval by the relevant authorities, the sale is expected to be completed during the third quarter of 2016.
Barnes Group will provide additional details about Adval Tech’s FOBOHA business after the close of the transaction.
