BRISTOL, Conn. (AP) — Barnes Group is buying privately held German company Manner for 275 million euros ($372.5 million).
Barnes Group Inc., an aerospace and industrial manufacturing and service provider, said Tuesday that 27.5 million euros ($37.2 million) of the deal may be paid with its common stock.
Manner makes systems for the medical, pharmaceutical, personal care, health care industries and packaging businesses. It also is involved with high precision mold-making and makes valve gate hot runner systems. It has three manufacturing plants in Germany, Switzerland and the U.S. and sales and service offices in Europe, Japan and Hong Kong/China.
Barnes Group plans to finance the buyout with available cash and borrowings under its revolving credit facility.
The deal is expected to close in late October or early November. Manner will become a unit of Barnes Group’s industrial segment once the transaction is complete.
Copyright 2013 The Associated Press.
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