Barnes Group, an international
industrial and aerospace manufacturer and service provider, has announced it
has entered into a definitive agreement to acquire privately held Thermoplay. Thermoplay
specializes in the design, development, and manufacturing of hot runner solutions
for plastic injection molding applications primarily in the packaging,
automotive, and medical end markets. Thermoplay’s headquarters and
manufacturing facility are located in Pont-Saint-Martin, near Aosta, Italy,
with technical service capabilities in China, India, France, Germany, United
Kingdom, Portugal, and Brazil. The company has annual revenues of approximately
35 million euros and over 200 employees serving customers worldwide. Barnes Group has agreed to purchase
100% of Thermoplay’s capital stock for 50 million euros, subject to certain
postclosing adjustments, and is expected to finance the transaction with cash
on hand and borrowings under the company’s revolving credit facility. Following
the closing, Thermoplay will operate as a business unit within Barnes Group’s
Industrial segment. “This acquisition represents an
excellent opportunity for us to further expand our service offerings to the
plastic injection molding industry”, said Patrick J. Dempsey, president and chief
executive officer of Barnes Group. “Thermoplay allows us to increase our
presence in favorable end markets, leverage the many differentiated technologies
we offer in this area, and further globalize our plastic injection mold and hot
runner manufacturing capabilities. We are excited about adding the Thermoplay
business and skilled workforce to Barnes Group and continuing Thermoplay’s
relentless commitment to customer satisfaction”. "The combination of
Thermoplay and Barnes Group enhances our ability to serve our customers and
opens new opportunities for long-term growth", added Roberto Enrietti, chief
executive officer of Thermoplay. "Becoming part of Barnes Group will
strengthen Thermoplay’s competitive position, provide strategic investment for
geographic expansion, and allow both companies to realize faster growth
together than each could achieve on its own". Barnes Group expects to close the transaction in
August 2015.
