20.09.2018 09:15:40
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Barnes To Buy Italian Supplier Of Missioncritical Solutions Gimatic For €370 Mln
(RTTNews) - Barnes Group Inc. (B), a provider of highly engineered products and differentiated industrial technologies, announced Thursday that it has entered into a definitive agreement to acquire Gimatic S.r.l., an Italian privately held supplier of mission-critical solutions for industrial automation and robotic applications.
Barnes has agreed to purchase Gimatic for 370 million euros in cash subject to certain closing and post-closing adjustments. The acquisition is from Gimatic's founder Giuseppe Bellandi and investment funds affiliated with AGIC Capital and Xenon Capital Partners.
Barnes is expected to finance the transaction with cash on hand and additional borrowings under its existing credit agreement. The transaction is anticipated to close in the fourth quarter of 2018. Gimatic will operate as a new strategic business unit within Barnes Group's Industrial Segment. Gimatic designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components. It has a sales network extending across Europe, North America and Asia.
Barnes Group will provide additional details about the Gimatic business on its third quarter 2018 earnings call on October 26.
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