Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
Engineering company $B has appointed Peter Gutermann as SVP and General Counsel. Most recently, Gutermann served United Technologies Corp. as Corporate Vice President and Chief Ethics/Compliance Officer. Earlier, he held various roles within UTC, including VP and General Counsel of Propulsion/Aerospace Systems.
Technology company $B has appointed Richard Hipple to its Board of Directors, effective immediately. Currently, Hipple serves as Executive Chairman of manufacturing firm Materion Corp. He assumed that position this year, after serving the company as Chairman and CEO since 2006. Earlier, he had held various leadership roles in the steel industry.
Industrial and aerospace manufacturer $B reported 32.8% rise in 1Q17 profit, helped by increase in net sales. Net income rose to $38.3MM, or $0.70 per share, compared to $28.8MM, or $0.53 per share in 1Q16. Net sales jumped 19% YoY to $288MM, helped by organic sales growth. Excluding items, $B earned $0.71 per share, up 31%.
$B entered into a definitive agreement to buy Virginia-based valve gate control systems supplier Gammaflux L.P., for undisclosed terms. The transaction is anticipated to close in 2Q17. Following the closing, Gammaflux will operate as a business within Barnes Group’s industrial segment.
$B said it has completed substantially all of its acquisition of Adval Tech's Molds Business (FOBOHA). The transaction closing of FOBOHA's China operations is awaiting Chinese government approval which is expected in 4Q16. FOBOHA will operate as a business within the Molding Solutions strategic business unit of $B's Industrial Segment.
Bristol, Connecticut-based $B said it agreed to acquire Adval Tech's molds business FOBOHA for 133MM Swiss francs or approx. $136MM, subject to certain closing adjustments. The company expects to finance the transaction with cash on hand and borrowings under its revolving credit facility.