Barnes Group announced Monday it’s acquiring a U.K. aerospace manufacturer in what the company’s CEO says will be the firm’s largest acquisition ever.
Bristol-based Barnes Group, a manufacturing and engineering company with a focus in aerospace, said it has entered into a definitive agreement to acquire MB Aerospace, a provider of precision aero-engine component manufacturing and repair services serving major aerospace and defense engine companies.
The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approvals and other closing conditions. Barnes said it expects to finance the transaction with cash on hand and additional acquisition financing.
Barnes President & CEO Thomas J. Hook called the acquisition the largest in the company’s history and said it was a “transformational opportunity” for the company as it expands its global aerospace footprint. MB Aerospace will be part of Barnes Aerospace following the transaction.
According to information from Barnes, 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.