BRISTOL, Conn., Feb 6, 2003 (BUSINESS WIRE) -- Barnes Group Inc. (NYSE: B)
today announced that it has acquired Kar Products of Des Plaines, Illinois. Kar
Products is a leading full service distributor of maintenance, repair and
operating (MRO) supplies to industrial, construction, transportation and other
The purchase price of approximately $78.5 million was financed through a
combination of $60 million in cash and $18.5 million of Barnes Group Inc. common
stock. The acquisition will add more than $120 million in annual sales to Barnes
Group Inc.'s Barnes Distribution unit.
"The combination of Barnes Distribution and Kar Products creates a powerful
industrial distributor of maintenance, repair and operating supplies, with sales
of more than $400 million," said Keith Drewett, President, Barnes Distribution.
"With Kar Products added to the Bowman, Mechanics Choice, Curtis and Raymond
brands, Barnes Distribution further expands its product offering and geographic
presence to better service new and existing customers," added Drewett.
"The acquisition of Kar Products is the eighth strategic acquisition by Barnes
Group in less than three years. These acquisitions have added talented people,
manufacturing assets, brand names, and technology that complement our three
businesses. Barnes Group Inc. is continuing to pursue acquisition opportunities
that will build lasting value for our stockholders," said Edmund M. Carpenter,
President and Chief Executive Officer.
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 assemblies and
products for commercial and military aircraft engines and airframes, and for
land-based industrial gas turbines; and Barnes Distribution, a full service
international distributor of maintenance, repair and operating supplies. Over
6,200 dedicated employees at more than 60 locations worldwide contribute to
Barnes Group Inc.'s success.
This release may contain certain forward-looking statements as defined in the
Private Securities Litigation 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, and 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;
the effectiveness of the Company's marketing and sales programs; increased
competitive activities, including pricing, advertising and promotions, that
could adversely affect customer demand for the Company's products; changes in
economic and political conditions, worldwide and in the locations where the
Company does business; interest and foreign exchange rate fluctuations; and
CONTACT: Barnes Group
Phillip J. Penn, 860/973-2126
Stephen J. McKelvey, 860/973-2132
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