logo
Share SHARE
FONT-SIZE Plus   Neg

MSC Industrial Direct Closes Acquisition Of Barnes Distribution North America

MSC Industrial Direct Co., Inc. (MSM) announced that it has completed the acquisition of the North American distribution business of Barnes Group Inc. (B) for $550 million.

MSC said it financed the purchase of the North American distribution business utilizing both existing cash and a new credit facility, which was closed simultaneously with the acquisition.

The new credit facility included a fully drawn $250 million term loan and a $400 million revolver, of which $120 million was drawn at closing to fund the acquisition. Run-rate cost synergies are expected to reach $15 million -$20 million by fiscal 2015.

The acquisition is expected to be accretive to cash flow and earnings per diluted share, including synergies and excluding transaction and integration costs, by contributing an expected incremental earnings per share of $0.15-$0.20 and $0.30-$0.40 in fiscal years 2014 and 2015, respectively.

In February, Barnes Group said it agreed to sell its Barnes Distribution North America business or BDNA to MSC Industrial Direct Co for $550 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Activision Blizzard reported a better-than-expected increase in second-quarter profit, as the video game publisher saw robust growth in digital channels, penetration in China and improved margins. It lifted its guidance for 2015, sending its shares up... Diversified media and entertainment conglomerate Walt Disney Co. said Tuesday after the markets closed that its third quarter profit rose 11% from last year, driven mainly by strong earnings growth at its film and consumer products divisions. The company's quarterly earnings per share came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. AIG reported a plunge in second-quarter profit, hurt by a decline at its insurance business, debt-related losses and lower gains from the sale of investments. However, its earnings topped Street estimates, partly on contribution from aircraft leasing giant AerCap. AIG also announced a boost in dividend and said it would buyback an additional $5 billion stock.
comments powered by Disqus
RELATED NEWS
Trade MSM now with 
Follow RTT