Barnes Group Inc. (NYSE:B), an international aerospace and industrial manufacturing and service provider, today announced that it has entered into a definitive agreement to acquire privately held Männer, a leader in high precision mold-making, valve gate hot runner systems, and system solutions for the medical/pharmaceutical, packaging, and personal care/health care industries.
Männer, which is headquartered in Bahlingen, Germany, operates out of three manufacturing locations in Germany, Switzerland and the United States, and has sales and service offices in Europe, Hong Kong/China and Japan.
Barnes Group has agreed to purchase the capital stock of all the Männer operating companies for €275 million, subject to certain closing and post-closing adjustments, and is expected to finance the transaction with cash on hand and borrowings under the Company’s revolving credit facility. In addition, subject to the terms of the agreement, €27.5 million of the consideration payable would be delivered in the form of Barnes Group common stock. The acquisition is anticipated to close in late October or early November 2013, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Following the closing, Männer will operate as a business unit within Barnes Group’s Industrial Segment.
“We look forward to adding Männer and its highly skilled and committed workforce to Barnes Group and the significant new opportunities for growth we expect this acquisition to generate,” said Patrick Dempsey, President and CEO of Barnes Group Inc. “We anticipate the global demand for more complex, highly technical injection molding solutions to increase substantially in the future and are eager to add Männer’s innovative suite of products and services to Barnes Group’s core capabilities. We welcome the opportunity to invest in and grow this successful company and to continue to provide customers with the superior products and services associated with both Barnes Group and Männer brands.”