Barnes Group Inc. to Acquire Thermoplay® S.p.A.
July 23 2015 - 3:30PM
Business Wire
- Thermoplay Specializes in the
Design, Development, and Manufacturing of Hot Runner Systems for
Plastic Injection Molding Applications Primarily in Packaging,
Automotive, and Medical End Markets
- Acquisition Expands Barnes Group’s
Intellectual Property Based Manufacturing Capability and Further
Extends Plastic Injection Tooling Business
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.
Forward-Looking Statements
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.
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Barnes Group Inc.William PittsDirector, Investor
Relations860-583-7070
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