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|Barnes Group Inc. Completes Acquisition Spectrum Plastics Molding Resources, Inc.|
BRISTOL, Conn.--(BUSINESS WIRE)--April 29, 2002--Barnes Group Inc. (NYSE: B) announced today that it has completed its acquisition of Spectrum Plastics Molding Resources, Inc. of Ansonia, Connecticut, a fully integrated, precision injection molder of plastic products. Spectrum Plastics Molding Resources, Inc., previously owned by Pierre Dziubina, is a premier manufacturer of reel-to-reel and loose piece part plastic components and related tooling. Mr. Dziubina will continue to manage the Spectrum Plastics business under Barnes Group ownership.
Spectrum Plastics possesses state-of-the-art manufacturing assets and capabilities, and serves many of the same customers as Barnes Group's Associated Spring business. The acquisition of Spectrum Plastics will add approximately $17 million in annual sales to the Associated Spring unit.
"With the addition of Spectrum Plastics, Barnes Group adds plastic molding capabilities to supply metal-in-plastic and plastic-on-metal assemblies for the electronics, telecommunications, medical, and many other rapidly growing, technologically advanced markets," said Edmund M. Carpenter, President and Chief Executive Officer, Barnes Group Inc. "Spectrum Plastics enables Associated Spring to become a single-source solution for plastic and metal components and assemblies.
"The acquisition of Spectrum Plastics represents the seventh strategic acquisition by Barnes Group in less than three years. Together, these acquisitions have added companies, manufacturing assets and technology that complement our three existing businesses, enhancing our ability to service our new and existing customers effectively and efficiently. Barnes Group continues to evaluate other such acquisition opportunities," Mr. Carpenter added.
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 2001 sales of $769 million: Associated Spring, one of the world's largest manufacturers 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: the ability of the Company to integrate newly acquired businesses and to realize acquisition synergies on schedule, 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, and regulatory changes.