Barnes Group To Acquire Germany's Männer In EUR275 Mln Deal - Update

(RTTNews) - Barnes Group Inc. (B), an aerospace and industrial manufacturing and service provider, Tuesday said it has entered into a definitive agreement to acquire privately-held Männer. The company will buy the capital stock of all Männer operating companies for 275 million euros or $372.6 million, subject to some adjustments.

Männer provides high precision mold-making, valve gate hot runner systems, and system solutions for the medical/pharmaceutical, packaging, and personal care/health care industries.

Bahlingen, Germany-based Männer operates out of three manufacturing locations in Germany, Switzerland and the U.S. and has sales and service offices in Europe, Hong Kong/China and Japan.

Barnes expects to finance the transaction with cash on hand and borrowings under the company's revolving credit facility. Additionally, 27.5 million euros of the consideration payable would be delivered in the form of Barnes Group common stock.

The acquisition is expected to close late this month or early next month. Following closing, Männer will operate as a business unit within Barnes Group's Industrial Segment.

Patrick Dempsey, CEO of Barnes, said, "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."

B closed at $34.92 on Monday.