The largest plastics machinery-related deal of the second half of 2024 involved Barnes Group Inc., which was sold to Apollo Global Management Inc. in a deal valued at $3.6 billion.
Bristol, Conn.-based Barnes is an industrial technology and aerospace manufacturer with operations that include hot runners and other molding equipment. The firm's portfolio includes hot runner companies Synventive, Thermoplay, Gammaflux and Manner, cube mold making specialist Foboha and system monitoring supplier Priamus.
Barnes' shareholders received $47.50 per share in cash, a 28 percent premium over the stock's value in the 90 days before the deal was announced. Barnes Chairman Richard Hipple said the agreement delivers "immediate and certain cash value" to shareholders.
While Barnes has molding technology that is in demand and a list of customers that includes Boeing Co. and Rolls-Royce, the company has been working to "unlock the company's full potential," President and CEO Thomas Hook said in the announcement. A 2020 restructuring plan cut about 8 percent of its global workforce.
In another significant second-half machinery deal, auxiliary equipment supplier Piovan SpA was purchased by a unit of Italian investment firm Investindustrial. Venice, Italy-based Piovan was publicly traded but majority owned by Pentafin SpA.
Piovan owns several auxiliary equipment brands, including Conair, UnaDyn, Piovan, Pelletron and Thermal Care. The firm was founded in 1934 and entered plastics in 1964. Its products automate the storage, transport and treatment of plastics and food.
Nicola Piovan, chairman of Piovan's board of directors, said the deal marks the beginning of a new chapter for the company.
"In recent years, the Piovan group has been able to firmly consolidate its position as one of the leading global players in the development and production of automation systems for manufacturing processes," he said.
"Today marks the beginning of a new chapter for the future of the Piovan group and its employees, to be written together with Investindustrial, an international partner with a strong entrepreneurial spirit whose vision, values and focus on sustainability I share," he added.
Automation Systems SpA, a subsidiary of private equity firm Investindustrial, bought slightly more than 58 percent of Piovan's share capital, at a value of just over $475 million, according to Investindustrial. In a separate transaction, Investindustrial also signed an agreement to acquire the almost 7 percent share capital held by 7-Industries Holding BV, at a price of $53.3 million.
Combined, the shares give Investindustrial a 68 percent stake in Piovan. Pentafin, Piovan's current main shareholder, then reinvested in the capital of Automation System by acquiring a 25 percent stake.
In other second-half machinery deals:
• Chino, Calif.-based Harrington Process Solutions LLC, a distributor and fabricator of industrial flow control process systems, acquired Tulsa, Okla.-based Cortrol Process Systems to expand its product portfolio and geographic footprint. Cortrol provides flow control products for chemical processing, industrial, municipal water and other markets as well as fabrication services for fiber-reinforced plastic flow control products and systems.
Cortrol also is a stocking distributor for chemically resistant pipes, valves, pumps and tanks. The firm has five U.S. warehouses that serve mainly the Midwest and Gulf Coast. The addition of Cortrol strategically enhances the Harrington fiber-reinforced plastic product portfolio and complements its geographic footprint to better serve customers, according to Harrington CEO Bob Graham.
• A private equity firm bought a controlling stake in Indian plastics processing machinery firm Windsor Machines Ltd. In a filing with the Securities and Exchange Board of India, Thane-based Windsor said Indian private equity firm Plutus Investments and Holdings Pvt. Ltd. was acquiring an almost 54 percent stake in the equipment maker from investment group Castle Equipments Pvt. Ltd. for $41.9 million.
The filing also said Plutus plans to buy another 26 percent share of Windsor on the open market, for an estimated $20.3 million. Windsor makes injection molding machines and pipe and blown film extrusion lines. The firm has annual sales of around $42 million.
In recent years, the Piovan group has been able to firmly consolidate its position as one of the leading global players in the development and production of automation systems for manufacturing processes."
Nicola Piovan
Piovan SpA