Barnes Group Inc. has purchased Adval Tech's Foboha mold making business, bringing it three production sites and complex mold building capacity including the proprietary cube mold technology.
Bristol, Conn.-based Barnes said in a July 12 news release that it is paying 133 million Swiss francs ($136 million) for the German business, using cash on hand and its revolving credit access.
“We are excited to add Foboha's proprietary cube mold technology to our portfolio of advanced offerings in the plastic injection molding industry," said Patrick Dempsey, president and CEO of Barnes Group in the release. "The addition of Foboha enhances our position as a leading global supplier of complex molding systems.”
Barnes says the deal is expected to close in the third quarter of 2016, subject to regulatory approvals and other closing conditions.
Foboha will operate as a business within Barnes' Molding Solutions strategic business unit of its Industrial Segment, states the company. The Foboha business focuses on the development and manufacture of complex molds for packaging, medical, consumer and automotive applications.
Foboha is headquartered in Haslach, Germany, and currently has three manufacturing locations in Germany, Switzerland and China. At the end of 2015 it employed a total workforce of 371.
The Barnes Group reported sales of $1.19 billion in 2015 down 5 percent from 2014.