Barnes Group To Acquire MB Aerospace
(RTTNews) - Aerospace company Barnes Group Inc. (B) announced Monday that it has entered into a definitive agreement to acquire MB Aerospace in deal valued at approximately $740 million. Upon closing of the transaction, MB Aerospace will become part of Barnes Aerospace.
MB Aerospace is a leading provider of precision aero-engine component manufacturing and repair services serving major aerospace and defense engine OEMs, Tier 1 suppliers, and MRO providers.
MB Aerospace maintains its corporate headquarters in Motherwell, U.K. with an additional 10 facilities and approximately 1,450 employees across the U.S., U.K., Poland, and Taiwan.
The business supplies over 100 aero-engine platforms, with exposure to leading A&D industry customers including Pratt & Whitney, Rolls-Royce, and General Electric. MB Aerospace is projected to generate approximately $330 million of revenue and $65 million of EBITDA in calendar year 2023.
The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Barnes expects to finance the transaction with cash on hand and additional acquisition financing.
Barnes Group To Be Taken Private By Apollo Global Management In $3.6 Bln All-cash Deal
Barnes Group Guides FY23 Adj. EPS Above View; Q4 Profit Down 45%
Barnes Group Slashes FY22 Outlook As Q2 Revenues Miss Estimates
European Markets Close Weak After Cautious Session
Canadian Market Down More Than 0.5% On Profit Taking
U.S. New Home Sales Pull Back From Upwardly Revised Level In July
Bay Street May Open On Weak Note
