|11/04/13 at 4:30 p.m. ET|
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|Barnes Group Inc. Enters into Strategic Partnership with Goodrich|
BRISTOL, Conn.--(BUSINESS WIRE)--July 11, 2006--Barnes Group Inc. (NYSE: B)
Barnes Aerospace, a business unit of Barnes Group Inc. (NYSE: B), today announced a long-term agreement with Goodrich Corporation's (NYSE: GR) Aerostructures division, which is currently forecasted to generate sales of over $300 million. The agreement calls for Barnes Aerospace to manufacture nacelle components for both engine applications that power the Boeing 787 - General Electric GEnx and Rolls-Royce Trent 1000. In addition, Barnes Aerospace will provide nacelle components for two additional engine platforms, the Rolls-Royce Trent 700 and International Aero Engines V2500.
"Our continued objective of achieving balanced, sustainable profitable growth drives us to further our relationships with quality customers such as Goodrich," said Edmund M. Carpenter, President and Chief Executive Officer, Barnes Group Inc. "We are very excited about this opportunity, and its expected contribution to Barnes Aerospace's record of successes."
"This agreement leverages Barnes Aerospace's scale and scope in manufacturing complex components and is consistent with Barnes Aerospace's strategy of portfolio diversification across customers, products, and engine platforms," said Patrick J. Dempsey, President, Barnes Aerospace. "This multi-program agreement increases Barnes Aerospace's content on the Boeing 787, a key strategic platform, with parts on both the GEnx and Trent 1000. It also adds new content on the Trent 700 which powers the Airbus A330, and on the V2500 engine which powers the Airbus A318, A319, A320 and A321 aircraft."
The components under this agreement will be manufactured at Barnes Aerospace's facilities in Lansing, Michigan and Ogden, Utah. Many of the components will be manufactured using a Superplastic Forming (SPF) process. Barnes Aerospace is one of the largest SPF manufacturers in North America. SPF is a process that enables the creation of more extreme contours and configurations in metal, typically titanium, than conventional hot forming processes. Superplastic forming gets its name from the higher temperatures at which the metal is formed as compared to conventional hot forming.
Barnes Aerospace produces precision machined and fabricated components and assemblies for original equipment manufacturer (OEM) turbine, airframe and land-based industrial gas turbine builders throughout the world. Barnes Aerospace also provides jet engine component overhaul and repair services for many of the world's commercial airlines and military applications.
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 certain forward-looking statements as defined in the Private 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 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; our dependence upon revenues and earnings from a small number of significant customers; 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. The Company assumes no obligation to update our forward-looking statements.
CONTACT: Barnes Group Inc.