Barnes: Acquisition of Synventive
Barnes Group Inc., Bristol, CT/USA, an international aerospace and industrial manufacturing and service provider, has completed its acquisition of privately held Synventive Molding Solutions, Peabody, MA/USA.
Synventive is one a hot runner systems manufacturers, serving a global customer base of more than 3,000 molders, mold makers and original equipment manufacturers across 50 countries.
With estimated 2012 revenues of approx. USD 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 USD 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 USD 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 USD 0.16 to USD 0.18 per diluted share.
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