Layoffs planned at two sites operated Barnes Group Inc., which was recently bought by Apollo Global Management Inc., will put 68 people out of work.
Synventive Molding Solutions will lay off 40 employees at its Peabody, Mass.-based facility and the Barnes Group headquarters in Bristol, Conn., will close by the end of the year, eliminating 28 positions.
Synventive manufactures hot runner systems for injection molding parts and products for the automotive, industrial, electronics, and home and living markets while businesses overall in the Barnes Group are focused on aircraft parts and industrial components.
Layoffs at Synventive are set to begin April 25 and continue through Aug. 31.
The number of layoffs and the timeline were the only information made public by the state of Massachusetts' MassHire Department of Career Services' Rapid Response Team in accordance with the Worker Adjustment and Retraining Notification Act (WARN).
Emails and phone calls to company officials seeking more information about what will happen at Synventive after Aug. 31 weren't given an immediate response.
The Connecticut Department of Labor made public its letter from Barnes, although it didn't have much information about the 28 layoffs.
"Separations are expected to occur on March 31, 2025, June 30, 2025, and September 30, 2025. The employees are not subject to any collective bargaining agreement," according to the letter from Dawn N. Edwards, Barnes' senior vice president of human resources.
In the meantime, Synventive is planning an automotive event for June 25-26, when the company website says it will put a spotlight on a product called Intelli Gate. Synventive says the product is the first plug-and-play hot runner system with sensors integrated directly into the valve pin to detect the melt front.
Apollo bought Synventive and other Barnes Group businesses, including Thermoplay, Gammaflux, Manner, cube mold making specialist Foboha and system monitoring supplier Priamus, in an all-cash deal valued at $3.6 billion.
Barnes had reported 2023 sales of about $1.45 billion dollars. The company's molding systems business accounted for $404 million of that total.
The acquisition by Apollo was announced Oct. 7, 2024, and finalized Jan. 9.
Barnes President and CEO Thomas J. Hook said the deal opens the door to the next phase in Barnes' evolution.
"Under Apollo Funds' ownership, we are well positioned to accelerate our transformation strategy, enhance our capabilities and broaden our product offerings to create new opportunities for increased growth and innovation," Hook said in a Jan. 27 statement.