BRISTOL, Conn.--Aug 27, 2012--Barnes Group Inc., an international aerospace and industrial manufacturing and service provider, announced today that it has completed its acquisition of privately held Synventive Molding Solutions.
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. 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. 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 about 770 employees worldwide. Synventive will operate as a strategic business unit within the Barnes Group’s Industrial Segment.
The purchase price of $335 million, subject to post-closing adjustments, was financed with cash on hand and additional borrowings under the Company’s credit agreement. For 2012, the acquisition is expected to contribute to Barnes Group approximately $55 million in sales with no meaningful impact to earnings per share primarily due to purchase accounting. For 2013, Barnes Group expects the acquisition to be accretive to earnings in the range of $0.16 to $0.18 per diluted share.
“We are very excited to add Synventive to Barnes Group and about the tremendous growth opportunities we expect this business to provide us,” said Gregory Milzcik, President and CEO of Barnes Group Inc. “As we work through the integration process with Synventive’s leadership and workforce, we are increasingly impressed with their professionalism, expertise and commitment, and we are enthusiastic about having them join our team. We look forward to their contribution to our continued success.”
About Barnes Group Inc.
Founded in 1857, Barnes Group Inc. (NYSE: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 5,100 dedicated employees, at more than 50 locations worldwide, are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com.