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
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.
Brian D. Koppy, 860-973-2126
Stephen J. McKelvey, 860-973-2132
SOURCE: Barnes Group Inc.