Barnes Group Inc. to Acquire Thermoplay® S.p.A.
By Business Wire News
By Business Wire News
Barnes Group Inc. (NYSE:B), an international industrial and aerospace manufacturer and service provider, today announced it has entered into a definitive agreement to acquire privately held Thermoplay® S.p.A. Thermoplay specializes in the design, development, and manufacturing of hot runner solutions for plastic injection molding applications primarily in the packaging, automotive, and medical end markets.
Thermoplay’s headquarters and manufacturing facility are located in Pont-Saint-Martin in Aosta, Italy, with technical service capabilities in China, India, France, Germany, United Kingdom, Portugal, and Brazil. The company has annual revenues of approximately €35 million and over 200 employees serving customers worldwide.
Barnes Group has agreed to purchase 100% of Thermoplay’s capital stock for €50 million, subject to certain post-closing adjustments, and is expected to finance the transaction with cash on hand and borrowings under the Company’s revolving credit facility. Following the closing, Thermoplay will operate as a business unit within Barnes Group’s Industrial segment.
“This acquisition represents an excellent opportunity for us to further expand our service offerings to the plastic injection molding industry,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “Thermoplay allows us to increase our presence in favorable end markets, leverage the many differentiated technologies we offer in this area, and further globalize our plastic injection mold and hot runner manufacturing capabilities. We are excited about adding the Thermoplay business and skilled workforce to Barnes Group and continuing Thermoplay’s relentless commitment to customer satisfaction.”
Barnes Group expects to close the transaction in August 2015.
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 products, and technology to the world. Barnes Group’s approximately 4,500 skilled and dedicated employees, at more than 60 locations worldwide, are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future operating and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “expect,” “plan,” “strategy,” “estimate,” “project,” and similar terms. These forward-looking statements may relate to, among others, the parties’ ability to close the acquisition and the expected closing date of the acquisition; the anticipated benefits of the acquisition; and the impact of the acquisition on the Company’s financial results, business performance and product offerings. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These include, among others: the possibility that various closing conditions for the transaction may not be satisfied or waived; the effects of disruption from the transaction, making it more difficult to maintain relationships with employees, customers, distributors, suppliers, business partners or governmental entities; difficulties leveraging market opportunities; changes in market demand for our products and services; rapid technological and market change; the ability to protect intellectual property rights; the success of the companies in implementing their integration strategies; the actual benefits realized from this transaction; disruptions to our business and financial conditions as a result of this acquisition or other investments or acquisitions; the ability to recruit and retain key personnel; introduction or development of new products or transfer of work; higher risks in international operations and markets; the impact of intense competition; and other risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission (SEC) by the Company, including, among others, those in the Management’s Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the Company’s filings. The risks and uncertainties described in our periodic filings with the SEC include, among others, uncertainties relating to the integration of acquired businesses; the continuing impact of prior acquisitions and divestitures and any other future strategic actions, including acquisitions, joint ventures, divestitures, restructurings, or strategic business realignments, and our ability to achieve the financial and operational targets set in connection with any such actions; foreign currency exposure; and numerous other matters of global, regional or national scale, including those of a political, economic, business, competitive, environmental, regulatory and public health nature. The Company assumes no obligation to update our forward-looking statements.
Barnes Group Inc.
Director, Investor Relations