BRISTOL, Conn.--(BUSINESS WIRE)--Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today announced that it has entered into a definitive agreement to acquire privately held Gimatic S.r.l., a leading supplier of mission-critical solutions for industrial automation and robotic applications from Gimatic’s founder and investment funds affiliated with AGIC Capital and Xenon Capital Partners.
Gimatic designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components. Gimatic specializes in delivering intelligent robotic handling solutions for industrial automation applications in end markets such as automotive, packaging, healthcare, and food and beverage. Headquartered in Brescia, Italy, the company has a sales network extending across Europe, North America and Asia.
Advancements in robotic technology are rapidly increasing the ability to accomplish more complex tasks at higher speeds and with improved control and repeatability. With rising labor costs and greater affordability of robotics, Gimatic’s customized mission-critical systems directly benefit from a large and growing global installed base of over two million industrial robots.
“We are extremely excited to add Gimatic and its founder, Mr. Giuseppe Bellandi, to Barnes Group, as this acquisition will provide us a gateway into the industrial automation market – a highly attractive market that is well-aligned with our strategic growth plans. With accelerating adoption of automation and robotic technologies in the global industrial sector, market demand for Gimatic’s advanced solutions is anticipated to increase significantly in the future,” said Patrick Dempsey, President and CEO of Barnes Group Inc.
Barnes Group has agreed to purchase Gimatic for €370 million in cash subject to certain closing and post-closing adjustments, and is expected to finance the transaction with cash on hand and additional borrowings under its existing credit agreement. The transaction is anticipated to close in the fourth quarter of 2018. Gimatic will operate as a new strategic business unit within Barnes Group’s Industrial Segment.
Barnes Group will provide additional details about the Gimatic business on its third quarter 2018 earnings call scheduled for October 26, 2018 at 8:30 a.m.
About Barnes Group
Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, healthcare, and packaging. Barnes Group’s skilled and dedicated employees around the globe are committed to the highest performance standards and achieving consistent, sustainable profitable growth. For more information, visit www.BGInc.com.
