Barnes Group Inc., which bought U.S.-based hot runner maker Synventive Molding Solutions Group last year, announced Oct. 1 that it will purchase Otto Männer GmbH, a Germany-based maker of hot runners, molds and micromolding systems.
Barnes, which is traded on the New York Stock Exchange, will pay 275 million euros (US$372 million) for Männer. Barnes expects to finance the deal with cash and money from the company's revolving credit facility. Also, 10 percent of the price, or 27.5 million euros, would come from Barnes common stock.
Once the deal is completed, in late October or early November, Männer will operate as a business unit within Barnes Group's Industrial Segment.
Männer is based in Bahlingen, Germany. It runs three manufacturing locations in Bahlingen; Au, Switzerland, and Lawrenceville, Ga.
According to a report in the newspaper Badische Zeitung, Otto Männer has 400 employees, 300 of them in Bahlingen. The newspaper said President and CEO Hans-Peter Männer has said the company's 2012 sales was about 72 million euros.
Barnes plans to retain Männer's headquarters in Bahlingen and invest in the business, adding jobs, the newspaper story said.
Barnes, based in Bristol, Conn., does precision machining and fabrication of components for aerospace, industrial and automotive markets. Barnes bought Synventive, like Männer a global hot runner manufacturer, to diversity into businesses in growing industries that have solid market positions and strong intellectual property through patents and process technologies.
“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, in a prepared statement.
Dempsey said Barnes officials “anticipate the global demand for more complex, highly technical injection molding solutions to increase substantially in the future.”
At K2013, Männer will exhibit in Hall 1, Stand F-8.
Correspondent David Vink contributed to this report.