Barnes Group to Acquire Synventive Molding Solutions for $35M
Barnes Group (NYSE: B) today announced that it has entered into a definitive agreement to acquire privately held Synventive Molding Solutions, a leading designer and manufacturer of highly engineered and customized hot runner systems, components, and services, headquartered in Peabody, Massachusetts. 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.
Barnes Group has agreed to purchase all the capital stock of Synventive for $335 million in cash, subject to certain closing and post-closing adjustments, and is expected to finance the transaction with cash on hand and additional borrowings under an accordion feature of the Company's existing credit agreement. The acquisition is anticipated to close in August 2012, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions, including obtaining necessary third party agreements.
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