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PlasticsToday Staff

September 1, 2016

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Barnes Group’s acquisition of Foboha almost completed

Barnes Group Inc. (Bristol, CT), an international industrial and aerospace manufacturer and service provider, announced yesterday that it has completed substantially all of its acquisition of Adval Tech’s Molds Business, Foboha (Haslach, Germany). The proposed acquisition was first announced in July 2016 (“Barnes Group to acquire Foboha molds business”)

Foboha reported annual sales of approximately $75 million. The company specializes in the development and manufacturing of complex plastic injection molds for packaging, medical, consumer and automotive applications.

The transaction closing of its China operations is awaiting Chinese government approval, which is expected in the fourth quarter of 2016, according to a news release.

Barnes Group agreed to purchase Foboha for CHF 133 million ($132.5 million) and financed the transaction with cash on hand and borrowings under the company’s revolving credit facility. Foboha will operate within the Molding Solutions strategic business unit of Barnes Group’s Industrial Segment.

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