Barnes Group To Buy Adval Tech's Molds Business For About $136 Mln

(RTTNews) - Barnes Group Inc. (B), an international aerospace and industrial manufacturing and service provider, said that it agreed to acquire Adval Tech's molds business (FOBOHA), focused on the development and manufacture of complex plastic injection molds for packaging, medical, consumer, and automotive applications.

FOBOHA, which is headquartered in Haslach, Germany, operates out of three manufacturing locations in Germany, Switzerland, and China.

Barnes Group has agreed to purchase the FOBOHA mold-making business for CHF 133 million or approximately $136 million, subject to certain closing adjustments, and is expected to finance the transaction with cash on hand and borrowings under the Company's revolving credit facility.

The acquisition is expected to close in the third quarter of 2016, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions. Following the closing, FOBOHA will operate as a business within the Molding Solutions strategic business unit of Barnes Group's Industrial Segment.