|11/04/13 at 4:30 p.m. ET|
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|Barnes Group Inc. Acquires Toolcom Supplies Ltd.|
BRISTOL, Conn.--(BUSINESS WIRE)--Aug. 9, 2005--Barnes Group Inc. (NYSE: B) today announced that it has acquired the stock of Toolcom Supplies Ltd., of Edinburgh, Scotland, a distributor of maintenance, repair, and operating (MRO) supplies and replacement parts in the United Kingdom. Toolcom will be integrated into Barnes Group's Barnes Distribution business, strengthening its market presence in the UK. The purchase price of $13.4 million is being paid with available cash.
"With the acquisition of Toolcom Supplies, Barnes Distribution's business in Europe will expand both its geographic footprint and product offering in the United Kingdom, and we will accelerate our efforts to achieve key global and financial initiatives," said Keith Drewett, President, Barnes Distribution. "The combined resources of both operations will enable more efficient and effective service based on customer needs including vendor-managed inventory, customer-managed inventory and e-commerce."
"Our acquisition strategy is focused on adding businesses with products, services, capabilities or markets that provide attractive opportunities to increase and leverage our core strengths," said Edmund M. Carpenter, President and Chief Executive Officer, Barnes Group Inc. "Toolcom satisfies each of these strategic objectives for Barnes Distribution's business in Europe."
Founded in 1974, Toolcom Supplies Ltd. distributes MRO supplies and workshop consumables. Toolcom's core customers are national and regional transportation companies, local and city governments, freight operators and industrial / manufacturing businesses. It has specific product experience in workshop consumables, electrical and janitorial products, and vehicle components, and operates a managed inventory system.
Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal components and assemblies and a 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 2004 sales of $994.7 million: Barnes Distribution, an international, full-service distributor of maintenance, repair, operating, and production supplies; Associated Spring, one of the world's largest manufacturers of precision mechanical and nitrogen gas springs and a global supplier of retaining rings, reed valves, shock discs, and injection-molded plastic components; and Barnes Aerospace, a manufacturer and repairer of highly engineered assemblies and components for commercial and military aircraft engines, airframes, and land-based industrial gas turbines. Over 5,900 dedicated employees at 60 locations worldwide contribute to Barnes Group Inc.'s success.
CONTACT: Barnes Group Inc.