Aerospace and industrial manufacturing and service provider Barnes Group (Bristol, CT) has paid $335 million in cash to acquire hot runner supplier Synventive, 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."