BRISTOL, CT — Barnes Group, a global supplier of highly engineered products, differentiated industrial technologies and solutions, announced Friday that it has entered into a definitive agreement to sell its Seeger-Orbis) business to the Kajo Neukirchen Group. The transaction is subject to customary conditions and approvals and is expected to close in the first quarter of 2020. Financial terms of the agreement were not disclosed.
Seeger, headquartered in Königstein, Germany, develops and produces a comprehensive range of retaining rings, fasteners, snap rings and shims and generates annual revenues of approximately $60 million. Seeger operates as part of Barnes Group’s Engineered Components strategic business unit within the Industrial Segment.
The Kajo Neukirchen Group (KNG) is a German family business specializing in long-term investment commitments in industrial, real estate and other markets, mainly in Europe. KNG was founded by Dr. Kajo Neukirchen, a longstanding CEO of international corporations and enterprises.
“Seeger has a strong, industry-leading brand and a talented workforce who deliver excellent value to its customers. With this acquisition, the Kajo Neukirchen Group has an exciting opportunity to further drive Seeger’s growth strategy and value proposition. Together we will work to ensure a smooth transition,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc.
“KNG is excited about the opportunity to support Seeger-Orbis in tapping its growth potential which exists both geographically and as part of the increasing market share of hybrid vehicles. As an active long-term investor we will provide Seeger with our vast experience when it comes to preparing innovative engineering firms for rapidly changing market conditions,” said Frank Düpre, CEO of Kajo Neukirchen Group.