Bristol-based Barnes Group announced Thursday it has completed a $740 million purchase of a U.K. aerospace manufacturer in one of the company’s largest-ever acquisitions.
Barnes Group, a manufacturing and engineering company with a focus in aerospace, said it has acquired MB Aerospace, a provider of precision aero-engine component manufacturing and repair services serving major aerospace and defense engine companies.
Barnes said it financed the deal with cash, debt under a new $1 billion revolving credit facility and its new $650 million term loan B. It said the purchase will add approximately $110 million in sales and be dilutive to adjusted earnings per share by approximately 25 cents.
“MB Aerospace brings welcomed customer diversification within both commercial aerospace and defense platforms and provides Barnes with a well-balanced portfolio across aerospace and industrial end markets,” said Ian Reason, senior vice president of Barnes and president of Barnes Aerospace.
MB Aerospace will maintain its corporate headquarters in Motherwell, U.K., with an additional 10 facilities and about 1,450 employees across the U.S., U.K., Poland and Taiwan. The firm manufactures high-value fabricated assemblies and complex machined components, component repair and vertically integrated special processes. It currently supplies more than 100 aero-engine platforms.
