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        IMA

Adval Tech sells Foboha to Barnes

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Swiss automotive components maker Adval Tech has sold its Germany-based moulds unit known as Foboha to US conglomerate Barnes Group for CHF133 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. Adval Tech said it will use the proceeds primarily to reduce debt.

Foboha operates locations in Europe, the US and Asia; and at the end of 2015 it employed a total workforce of 371. Foboha develops and produces moulds for the production of plastic components. In addition, the segment has become established as a supplier of turnkey production systems in recent years.

Founded in 1857, Barnes Group Inc. 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 USD1.1 billion and employs approx. 4,700 people at over 60 locations worldwide.

The new owner plans to integrate the moulds segment as an ideal complement to its strategic moulding solutions (MS) division.

Adval Tech said it continues to implement focused growth strategy in the components segment and intends in future to concentrate its efforts on attractive growth opportunities in the global automotive market and on related applications in other markets.

Adval Tech also said it is well-positioned to sustainably generate value in future. Its other top priorities for the 2016 financial year are the integration of Fischer IMF, ramping up the new plant in Mexico and successfully executing new orders.

(IMA)


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