Barnes Group Inc. (NYSE:B) purchased privately held Italian-based injection mold maker Thermoplay SpA in a E50 million ($55 million) deal.
Thermoplay has around 200 employees with operations in China, India, France, Germany, United Kingdom and South America. It generates about $38 million in annual revenue by serving the automotive, packaging and medical sectors.
“Thermoplay allows us to increase our presence in favorable end markets, leverage the many differentiated technologies we offer in this area,” said Barnes CEO Patrick Dempsey.
Strategic buyers continue to pick up manufacturing targets and one won Mergers and Acquisitions strategic buyer of the year award in March 2015. Pittsburgh based PPG Industries Inc. (NYSE: PPG) nabbed the award and made additional acquisitions afterwards. In July, PPG picked up texture repair products maker Homax Group Inc. and paint distributor Masterwork Paint Co.
Barnes expects to complete the acquisition in August. Afterwards, Thermoplay will become a unit within Barnes’ Industrial segment.