BRISTOL, Conn.--(BUSINESS WIRE)--March 15, 2006--Barnes Group Inc.
(NYSE: B) today announced that it has signed a definitive agreement to
acquire Heinz Hanggi AG, Stanztechnik of Bettlach, Switzerland, a
developer and manufacturer of high-precision punched and fine-blanked
components, for a combination of cash and Barnes Group Inc. common
stock. The acquisition is expected to close in the second quarter of
this year and will add approximately $30 million in annual sales to
Barnes Group's Associated Spring unit. The acquisition is expected to
have minimal impact on earnings per share in 2006 and to be accretive
to earnings per share beginning in 2007.
"Heinz Hanggi AG is a terrific strategic fit with our Associated
Spring operation and is consistent with our focus on acquiring
specialty, higher margin businesses which offer superior manufacturing
capabilities to customers," said Edmund M. Carpenter, President and
Chief Executive Officer, Barnes Group Inc. "Heinz Hanggi AG's
demonstrated commitment to innovation, outstanding manufacturing
technology and skilled employees will be a valuable asset to
Associated Spring and Barnes Group. Mr. Eugen Hanggi has built a
wonderful business and we are pleased that the experienced employees
of Heinz Hanggi AG will be joining Barnes Group."
"Heinz Hanggi AG's competitive advantage in the market for highly
precise, intricate, and complex punched components and its philosophy
of providing world-class product quality and service complement
Associated Spring's growing product scope and geographic presence, and
will leverage Associated Spring's global sales and distribution
channels," said Gregory F. Milzcik, Executive Vice President and Chief
Operating Officer, Barnes Group Inc. and President, Associated Spring.
Heinz Hanggi AG offers innovative and custom-design solutions in
the area of micro-punching, progressive die tooling and fine-blanking
from prototypes to complete assemblies. Superior production technology
provides value to the company's customers by eliminating costly
secondary operations. Its range of manufacturing solutions allows the
company to serve diversified industries, including high-precision
components for transportation suppliers, the power tools sector, the
watch industry, consumer electronics, telecommunications, medical
devices, and textile machinery sectors. A majority of the company's
sales are in Europe, and it is a significant global producer of
orifice plates, used in fuel injectors.
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
2005 sales of $1.1 billion: 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 products and a
global supplier of retaining rings, reed valves, shock discs, and
injection-molded plastic components and assemblies; and Barnes
Aerospace, a manufacturer and repairer of highly engineered assemblies
and components of aircraft engines, airframes, and land-based
industrial gas turbines. Over 6,000 dedicated employees at more than
60 locations worldwide contribute to Barnes Group Inc.'s success. The
Company has paid cash dividends to stockholders on a continuous basis
since 1934.
This release may contain forward-looking statements within the
meaning of 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 expressed in
the forward-looking statements. The risks and uncertainties, which are
described in our periodic filings with the Securities and Exchange
Commission, include, among others, uncertainties arising from the
behavior of financial markets; future financial performance of the
industries or customers that we serve; changes in market demand for
our products and services; integration of acquired businesses; changes
in raw material prices and availability; uninsured claims; and
numerous other matters of global, regional or national scale,
including those of a political, economic, business, competitive,
regulatory and public health nature. We assume no obligation to update
our forward-looking statements.
CONTACT: Barnes Group Inc.
Investor Relations
Brian D. Koppy, 860-973-2126
or
Corporate Communications
Stephen J. McKelvey, 860-973-2132
SOURCE: Barnes Group
