Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today announced that it completed its acquisition of privately held Gimatic S.r.l. (“Gimatic”).
Gimatic designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and related components for industrial automation applications in end markets such as automotive, packaging, healthcare, and food and beverage. Gimatic, headquartered in Brescia, Italy, has approximately 240 employees worldwide, with a sales and service network extending across Europe, North America and Asia.
Barnes Group purchased Gimatic for €370 million, subject to certain closing and post-closing adjustments. Barnes Group financed the transaction with cash on hand and additional borrowings under its existing credit agreement. Gimatic will operate as a business unit within Barnes Group’s Industrial segment.
“We are very pleased to complete the Gimatic transaction as it represents another significant milestone in the execution of our strategy to transform the Barnes Group portfolio,” said Patrick Dempsey, President and CEO of Barnes Group Inc. “Gimatic’s patented technologies and intellectual property based solutions, coupled with its strong market position, provide a highly attractive gateway into the industrial automation market.”
“We are excited to welcome Gimatic’s highly-skilled team to Barnes Group,” said Scott Mayo, Senior Vice President Barnes Group Inc. and President, Barnes Industrial. “With the accelerating adoption of robotic technologies, we expect favorable long-term industry trends will continue to support Gimatic’s growth into the future.”
Barnes Group will provide additional details about the Gimatic acquisition during a conference call and live webcast on a date to be announced.Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today announced that it completed its acquisition of privately held Gimatic S.r.l. (“Gimatic”).