|11/04/13 at 4:30 p.m. ET|
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|Barnes Distribution Signs Subcontract Agreement With ProcureNet/SPS|
Cleveland, Ohio, June 7, 2001-- Barnes Distribution, a business unit of Barnes Group Inc. (NYSE: B), today announced the signing of a subcontract agreement with ProcureNet/Strategic Procurement Services, Inc. (ProcureNet/SPS) as a second-tier supplier of automotive maintenance, repair and operating (MRO) consumable repair parts to U.S. military installations.
In May 2000, ProcureNet/SPS was awarded a contract covering three U.S. regions for the Fleet Automotive Support Initiative (FASI) by the Defense Supply Center Columbus (DSCC) to provide materials and logistics support for military automotive vehicle fleets used at U.S. Federal government installations.
ProcureNet/SPS supports OEM product requirements under the FASI contract and will utilize Barnes Distribution's Mechanics Choice® products to service the automotive maintenance, repair and operating (MRO) consumable items. Through this agreement, Barnes Distribution can help the military reduce man-hours associated with managing and maintaining low-cost, high-usage MRO consumable items by increasing turn-around time on equipment repairs, decreasing repair cycle time, and provide 100 percent product availability where it is needed.
"Barnes Distribution will support the FASI program by providing the military with automotive MRO consumable repair parts faster and cheaper than the military could otherwise obtain them," said A. Keith Drewett, President, Barnes Distribution. "This agreement with ProcureNet/SPS provides Barnes Distribution with a tremendous opportunity to expand our presence in automotive MRO consumable items in government procurement."
"ProcureNet/SPS is excited about expanding our service offering under the FASI Virtual Prime Vendor contract," added Ed Regan, Vice President - Federal Programs. "We look forward to working closely with Barnes Distribution to satisfy the unique need of DoD customers."
ProcureNet/SPS is the premier integrator of total supply chain management, services for U.S. Government e-commerce requirements. They have been delivering logistics and fulfillment services to the U.S. Government for 25 years and currently hold multiple, major federal procurement contracts, including several Prime Vendor Programs. ProcureNet/SPS' Internet-based enabling technology, coupled with expertise in providing material ranging from MRO to Weapon Systems, provides benefits of reduced material acquisition and inventory costs.
Barnes Distribution is an industry leader in the distribution of maintenance, repair and operating (MRO) supplies, die and nitrogen gas springs and security products. Barnes Distribution services thousands of customers on four continents under the brand names of Bowman Distribution®, Curtis Industries®, Mechanics Choice®, Raymond®, Motalink® and Autoliaisons®.
Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal parts and distributor of industrial supplies, serving a wide range of markets and customers. Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group consists of three businesses with 2000 sales of $740 million: Associated Spring, a manufacturer of precision mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer and repairer of aircraft engine and airframe components and assemblies; and Barnes Distribution, a distributor of maintenance, repair and operating (MRO) supplies. Nearly 5,500 dedicated employees at more than 50 locations worldwide contribute to Barnes Group Inc.'s success.
Investors: Phillip J. Penn (860) 973-2126
Media: Stephen J. McKelvey (860) 973-2132