|11/04/13 at 4:30 p.m. ET|
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|Barnes Distribution to Consolidate Additional Distribution Centers|
BRISTOL, Conn.--(BUSINESS WIRE)--Oct. 24, 2001--Barnes Distribution, a business unit of Barnes Group Inc. (NYSE: B), today announced further consolidations of its distribution centers. The Atlanta distribution center will close by the end of the fourth quarter 2001. In addition, the distribution of product from Barnes Distribution's Shelbyville, Kentucky location will cease in the second quarter 2002. The Shelbyville location will continue to serve as a procurement, bulk storage and re-packaging facility.
"Reducing our total number of distribution centers was a key value driver behind the Bowman/Curtis integration we initiated last year. The consolidation of distribution centers is an important step in completing our post-acquisition strategy," said A. Keith Drewett, President, Barnes Distribution. "Our intent with this strategy is to increase our productivity, consolidate our inventory investments and increase our customer service levels," added Drewett.
Following the implementation of this consolidation, Barnes Distribution will operate four distribution centers in the United States - Dallas, Texas; Edison, New Jersey; Elizabethtown, Kentucky; and Reno Nevada - down from 11 at the time of the Curtis acquisition. Each distribution center will stock consolidated product lines to support Bowman(R), Curtis(R) and Mechanics Choice(R) customers from a single distribution center within a geographic area. Cost savings from the aggregate distribution center consolidation will be approximately $2 million annually.
Employees at the affected facilities will be considered for positions at other Barnes Distribution locations. Those employees choosing not to pursue this option will be offered a severance package. The number of employees affected will be approximately 40.
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 identifying, and attracting customers in, new markets, the Company's ability to develop new and enhanced products to meet customers' needs timely, 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.