BRISTOL, Conn.--(BUSINESS WIRE)--
Barnes Group Inc. (NYSE: B), a global industrial and aerospace manufacturer and service provider, today announced it has entered into a definitive agreement to acquire privately held Gammaflux L.P., a leading supplier of hot runner temperature and sequential valve gate control systems to the plastics industry.
Gammaflux is headquartered in Sterling, Virginia and has offices in Illinois and Germany. While primarily serving the plastic injection molding industry, the company also provides temperature control solutions for blow molding, extrusion, and thermoforming applications. Its end markets include packaging, electronics, automotive, medical, and household products.
“We look forward to adding Gammaflux control systems to our Molding Solutions business,” said Scott A. Mayo, Senior Vice President of Barnes Group Inc. and President, Barnes Industrial. “Gammaflux adds technologically advanced, hot runner temperature control systems to our existing product portfolio, which enable molders to achieve precise temperature control of the injection molding process within the mold. This will ensure high quality parts in the most critical molding applications. These capabilities, when combined with Barnes Group’s leading hot runner, complex mold, and sensor technologies, create an unsurpassed offering to our customers in the plastic injection molding industry.”
The transaction is anticipated to close in the second quarter of 2017, subject to the satisfaction of certain closing conditions, and is not material to Barnes Group’s consolidated financial position or liquidity. Following the closing, Gammaflux will operate as a business within Barnes Group’s Industrial Segment, in the Molding Solutions strategic business unit, which includes leading technology-based businesses Synventive, Männer, Thermoplay, Priamus, and recently acquired FOBOHA. With a comprehensive portfolio of technologies and value-added services, Barnes Group delivers premium tool-based solutions to customers across a broad spectrum of injection molding applications.
About Barnes Group
Founded in 1857, Barnes Group Inc. (NYSE: B) is a global industrial and aerospace manufacturer and service provider, serving a wide range of end markets and customers. The highly engineered products, differentiated industrial technologies, and innovative solutions delivered by Barnes Group are used in far-reaching applications that provide transportation, manufacturing, healthcare, and technology to the world. Barnes Group’s skilled and dedicated employees around the globe are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address our expected future operating and financial performance and financial condition, and often contain words such as "anticipate," "believe," "expect," "plan," "strategy," "estimate," "project," and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These risks include uncertainties relating to conditions in financial markets; currency fluctuations and foreign currency exposure; future financial performance of the industries or customers that we serve; our ability to successfully close and integrate recently announced and future acquisitions; risks associated with international sales and operations; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in Barnes Group Inc.’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. The Company assumes no obligation to update our forward-looking statements.
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