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Barnes Group Inc. Will Acquire Spectrum Plastics Molding Resources, Inc.
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Business New Haven
4/1/2002
By: BNH
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BRISTOL, Conn.-- Barnes Group Inc. (NYSE:B) announced today that it has signed a definitive agreement to acquire Spectrum Plastics Molding Resources, Inc. of Ansonia, Connecticut, a fully integrated, precision injection molder of plastic products. Spectrum Plastics Molding Resources, Inc. (Spectrum Plastics) is a premier manufacturer of reel-to-reel and loose piece part plastic components and related tooling. Pierre Dziubina, who presently owns Spectrum, will continue to manage the business under Barnes Group ownership.
The acquisition is expected to close early in the second quarter of this year. The transaction will be financed through a combination of cash and Barnes Group Inc. stock, and will add approximately $17 million in annual sales to Barnes Group's Associated Spring unit.
“With the acquisition of Spectrum Plastics, Barnes Group adds plastic molding capabilities that will use metal inserts and continuous stamped lead frame to supply metal-in-plastic and plastic-on-metal assemblies for the electronics, telecommunications, medical, and many other rapidly growing, technologically advanced markets,” said Edmund M. Carpenter, president and chief executive officer, Barnes Group Inc.
Spectrum Plastics possesses state-of-the-art manufacturing assets and capabilities, and serves many of the same customers as Associated Spring. Dziubina and his workforce of approximately 120 will become employees of Associated Spring.
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