Thermoplay to Be Acquired by Barnes Group
Privately held Thermoplay S.p.A., Italy, has signed an agreement to be acquired by Barnes Group Inc. of Bristol, CT/USA, an international industrial and aerospace manufacturer and service provider. Upon the closing of the transaction, expected in August 2015, Thermoplay will operate as a business unit within Barnes Group’s Industrial segment.
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. The company’s headquarters and manufacturing facility are located in Pont-Saint-Martin, Italy, with technical service capabilities in Germany, France, United Kingdom, Portugal, Brazil, China, and India. Thermoplay has annual revenues of approximately EUR 35 million and over 200 employees serving customers worldwide.
"The combination of Thermoplay and Barnes Group enhances our ability to serve our customers and opens new opportunities for long-term growth," said Roberto Enrietti, Chief Executive Officer of Thermoplay. "Becoming part of Barnes Group will strengthen Thermoplay’s competitive position, provide strategic investment for geographic expansion, and allow both companies to realize faster growth together than each could achieve on its own."
Barnes Group has agreed to purchase 100% of Thermoplay’s capital stock for EUR 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. “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."
Barnes, a company founded in 1857, does precision machining and fabrication of components for aerospace, industrial and automotive markets. Barnes got into the plastics hot runner business in 2012 when it purchased Synventive Molding Solutions Group of Peabody, Mass. The following year, Barnes bought Otto Männer GmbH of Bahlingen, Germany.
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