July 17, 2012

CT's Barnes paying $335M for Mass. injection molder

Bristol aero- and industrial-parts maker Barnes Group Inc. is paying $335 million cash for a Peabody, Mass., specialist in injection molding technology for making car bumpers and other plastic parts.

Barnes said Tuesday its definitive agreement to buy Synventive Molding Solutions is set to close in August, pending regulatory and other third-party approvals.

Barnes said Synventive's customized hot runner systems, components, and services enable complex injection-molding applications and are standard in industries that require premium product aesthetics and performance.

Synventive's global customer base consists of more than 3,000 molders, mold makers and original equipment manufacturers across 50 countries.

Its 2012 revenues are pegged to be about $160 million, Synventive operates out of three manufacturing locations in the United States, Germany and China, with sales and service offices in 28 countries and 770 employees worldwide.

By contrast, Barnes' 2011 revenue was $1.2 billion.

Synventive will operate as a strategic business unit within Barnes Group's industrial segment.

The deal comes some six months after Barnes completed the $35 million sale of its Barnes Distribution Europe business to Germany's Berner SE. Barnes recorded a $26.1 million loss on the sale, including a $16.8 million goodwill impairment charge.

In May 2011, Synventive completed a financial restructuring led by Greenwich private equity firm, Littlejohn & Co. LLC.

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