BRISTOL, Conn.--(BUSINESS WIRE)--Aug. 8, 2001--Barnes
Distribution, a business unit of Barnes Group Inc. (NYSE: B),
announced that it will be consolidating its four West Coast
distribution centers into a single, centrally-located facility in
Reno, Nevada. The facilities to be consolidated are located in
Bakersfield, California; Auburn, Washington; Las Vegas, Nevada; and
Sparks, Nevada. The consolidation will be completed by the end of the
The consolidation of the West Coast distribution centers into a
single location will increase operating efficiency while reducing
operating expenses, inventory and transportation costs. Cost savings
from the consolidation are expected to be approximately $750,000
"Reducing our total number of distribution centers was a key value
driver behind the Bowman/Curtis integration we executed last year.
This consolidation of the West Coast distribution centers is an
important step in completing our post-acquisition strategy," said A.
Keith Drewett, President, Barnes Distribution. "The Reno distribution
center will be organized to stock consolidated product line inventory
to support all of the West Coast region, providing improved service to
our customers there," added Drewett.
Employees at each of the closing facilities will be considered for
positions at the new facility. Those employees choosing not to pursue
this option will be offered a severance package. The estimated number
of employees affected by this decision will be approximately 20.
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, North America's largest manufacturer of precision
mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer
and repairer of highly engineered aircraft engine and airframe
components and assemblies; and Barnes Distribution, an international
distributor of maintenance, repair and operating supplies. Nearly
5,400 dedicated employees at more than 50 locations worldwide
contribute to Barnes Group Inc.'s success.
This release may contain certain forward-looking statements as
defined in the Public Securities Litigation and Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from
those contained in the statements. Investors are encouraged to
consider these risks and uncertainties as described within the
Company's periodic filings with the Securities and Exchange
Commission, including the following: changes in market demand for the
types of products and services produced and sold by Barnes Group, the
company's success in attracting customers in new markets, changes in
worldwide economic and political conditions, interest and foreign
exchange rate fluctuations, regulatory changes, and the ability of the
Company to integrate newly acquired businesses and to realize
acquisition synergies on schedule.
||Barnes Group Inc.
||Phillip J. Penn
||Stephen J. McKelvey