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Sep 20, 2018 | 05:37 EDT
Barnes Group announced that it has entered into a definitive agreement to acquire privately held Gimatic S.r.l., a supplier of mission-critical solutions for industrial automation and robotic applications from Gimatic's founder and investment funds affiliated with AGIC Capital and Xenon Capital Partners. Headquartered in Brescia, Italy, the company has a sales network extending across Europe, North America and Asia. Barnes Group has agreed to purchase Gimatic for EUR 370M in cash subject to certain closing and post-closing adjustments, and is expected to finance the transaction with cash on hand and additional borrowings under its existing credit agreement. The transaction is anticipated to close in Q4 of 2018. Gimatic will operate as a new strategic business unit within Barnes Group's Industrial Segment.
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