"This move will ensure the long term viability of the company," says Frederick W. (Rick) Baer, president and CEO of PCMC. "By combining forces with Barry-Wehmiller, we will be able to compete more effectively in the global marketplace."
Robert A. Chapman, chairman and CEO of Barry-Wehmiller says the two firms have been informally discussing joining forces for several years. "Rick Baer and I are in agreement about the concept of building a strong American business, serving a balance of industries, while building on the rich history of both companies." Barry-Wehmiller produces packaging automation equipment, corrugating and sheeting equipment, and is active in IT and engineering consulting. It has more than 2,800 employees worldwide. PCMC has more than 1,200 employees.
Under the terms of the agreement, the Baer family will have a significant investment in Barry-Wehmiller stock, along with the Chapman family and over 200 other employees, directors and investors.
The PCMC acquisition is the 31st for Barry-Wehmiller since 1987, and the largest in the firm's history. Company officials say they expect that the combination of organic and acquisition growth will increase annual revenues to more than $750 million for the first time in the company's 120 year history, with almost $200 million of that in global markets.