Barnes Announces Completion of Previously Announced Sale of Associated Spring™ and Hänggi™ Businesses
April 04 2024 - 4:15PM
Business Wire
Barnes Group Inc. (NYSE: B) today announced the completion of
its previously announced sale of its Associated Spring™ and Hänggi™
businesses to One Equity Partners.
“The sale of Associated Spring and Hänggi businesses is an
important step in our ongoing portfolio optimization strategy to
deliver improved shareholder value,” said President and CEO Thomas
Hook. “This divestiture forwards our progress to integrate,
consolidate and rationalize our Industrial business, while our
recent acquisition of MB Aerospace greatly scales our Aerospace
business. Continued execution of our strategy will make Barnes a
more focused and competitive company on a path to accelerate
profitable growth.”
The purchase price was $175 million, subject to customary
closing adjustments, of which approximately $21 million will be
paid upon completion of the transfer of certain foreign assets, in
lieu of a previously contemplated seller promissory note. Net cash
proceeds of approximately $140 million will be used to reduce
debt.
About Barnes
Barnes Group Inc. (NYSE: B) leverages world-class manufacturing
capabilities and market-leading engineering to develop advanced
processes, automation solutions, and applied technologies for
industries ranging from aerospace and medical & personal care
to mobility and packaging. With a celebrated legacy of pioneering
excellence, Barnes delivers exceptional value to customers through
advanced manufacturing capabilities and cutting-edge industrial
technologies. Barnes Aerospace specializes in the production and
servicing of intricate fabricated and precision-machined components
for both commercial and military turbine engines, nacelles, and
airframes. Barnes Industrial excels in advancing the processing,
control, and sustainability of engineered plastics and delivering
innovative, custom-tailored solutions for industrial automation and
metal forming applications. Established in 1857 and headquartered
in Bristol, Connecticut, USA, the Company has manufacturing and
support operations around the globe. For more information, please
visit www.onebarnes.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements often address our expected future
operating and financial performance and financial condition, and
often contain words such as "anticipate," "believe," "expect,"
"plan," strategy,” "estimate," "project," "continue," "will,"
"should," "may," and similar terms. These forward-looking
statements do not constitute guarantees of future performance and
are subject to a variety of risks and uncertainties that may cause
actual results to differ materially from those expressed in the
forward-looking statements. The risks and uncertainties are
addressed in Barnes Group Inc.’s filings with the U.S. Securities
and Exchange Commission, including its most recent reports on Form
10-K, 10-Q, and 8-K. The Company assumes no obligation to update
our forward-looking statements.
Category: General
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version on businesswire.com: https://www.businesswire.com/news/home/20240404629989/en/
Investors: Barnes Group Inc. William Pitts Vice
President, Investor Relations 860.583.7070 ir@onebarnes.com
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