Barnes Group acquires Synventive for $335 millionBarnes Group acquires Synventive for $335 million

, purchasing all of that company's capital stock. The deal is expected to close in August, pending regulatory approvals and some closing conditions, including third-party agreements. Synventive's marketing communications manager, Desmond Crowley, told PlasticsToday that no changes are anticipated in Synventive's existing management, and that the Synventive brand is expected to remain. That management team includes Robert Davies, chairman and CEO; Sharon Francis, CFO; Brian Bechard, president North American operations; John Jofre, president Asian operations; Norbert Scheid, president European operations; and Mark Moss, executive VP, market and product strategy.

In May 2011, Synventive completed a financial restructuring led by Greenwich, CT-based private equity firm, Littlejohn & Co. LLC. Crowley said that firm is the majority owner at the time of the acquisition, but there are other parties involved that need to be notified as part of the closing.

Barnes President and CEO Gregory Milzcik said in a release that his company was excited to add Synventive to Barnes Group on the basis of "tremendous opportunities for growth," adding, "The global demand for more complex, highly technical injection molding solutions is anticipated to grow substantially in the future."

Synventive says it has a global customer base of more than 3000 molders, moldmakers and OEMs across 50 countries. Projected revenues for 2012 are approximately $160 million. Synventive has three manufacturing sites located in the U.S., Germany, and China, in addition to sales and service offices in 28 countries and 770 employees worldwide. Barnes said that Synventive will operate as a strategic business unit within its Industrial Segment.

Synventive traces its roots back to two companies; Eurotool, founded in the Netherlands in 1971 and Kona Hot Runners founded in 1978 in Gloucester, MA. Those businesses merged in 1998 to become Dynisco Hot Runners. In 2001, the company change its name to Synventive, a combination of the words synergy and inventive.

Barnes Group has approximately 4400 employees spread among more than 50 locations worldwide.

The company divides its businesses into three broad units: Aerospace (machined and fabricated components for turbines and more); Distribution (logistics support); and Industrial (precision components for transportation, energy, electronics, medical, and consumer products). Synventive will be located within the industrial unit.