UPDATE 1-Barnes to buy Synventive Molding for $335 million

July 16 Mon Jul 16, 2012 4:53pm EDT

July 16 (Reuters) - Diversified manufacturer Barnes Group Inc said it agreed to acquire privately held Synventive Molding Solutions for $335 million in cash.

Synventive, which is expected to post revenue of about $160 million in 2012, designs and manufactures highly engineered components for the injection molding industry, and has 770 employees worldwide.

"The global demand for more complex, highly technical injection-molding solutions is anticipated to grow substantially in the future," Barnes CEO Gregory Milzcik said in a statement.

The company expects to finance the transaction with cash on hand and additional borrowings under its existing credit agreement.

Shares of Barnes closed down more than 1 percent at $22.52 on the New York Stock Exchange on Monday.