OREANDA-NEWS. Adval Tech has entered into an agreement with Barnes Group Inc. for the sale of the shares in the Molds segment (FOBOHA). Subject to the approval of the relevant authorities, the transaction should be completed during the third quarter of 2016. Adval Tech will use the proceeds primarily to reduce debt.

The Molds segment, which markets its products under the Adval Tech FOBOHA brand, develops and produces high-performance molds for the production of plastic components. In addition, the segment has become established as a supplier of turnkey production systems in recent years. The Molds segment (FOBOHA) operates locations in Europe, the United States and Asia; at the end of 2015 it employed a total workforce of 371.

Founded in 1857, Barnes Group Inc. (NYSE:B) is an international 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 products, and technology to the world. In financial year 2015 the Barnes Group Inc. posted sales of USD 1,194 million and employed approx. 4,700 people at over 60 locations worldwide.

The purchase agreement between Adval Tech and Barnes Group includes the Molds shares in Europe, the United States and Asia. The new owner plans to integrate the Molds segment as an ideal complement to its strategic Molding Solutions (MS) division. The price of the acquisition is CHF 133 million on a debt and cash free basis. Subject to approval by the relevant authorities, the sale is expected to be completed during the third quarter of 2016.