|11/04/13 at 4:30 p.m. ET|
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|Barnes Group Inc. Announces New Aftermarket Revenue Sharing Program|
BRISTOL, Conn.--(BUSINESS WIRE)--July 17, 2006--Barnes Aerospace, a business unit of Barnes Group Inc. (NYSE: B), today announced that it has entered into a new aftermarket Revenue Sharing Program (RSP) agreement with General Electric Company (NYSE: GE). Barnes Aerospace's aftermarket RSPs provide the exclusive right to supply designated aftermarket parts for the life of the related engine program. This agreement, Barnes Aerospace's ninth, relates to spare parts for the CFM56 engine family.
"Barnes Aerospace continues to diversify and balance its business portfolio by entering into these aftermarket RSP agreements," said Patrick J. Dempsey, President, Barnes Aerospace. "This agreement with GE helps solidify our relationship with a valued customer for the long term."
GE's CFM56 engine powers short-, medium- and long-range aircraft. Twelve different aircraft models are powered by the CFM56 including the Boeing 737 and the Airbus A320 family of aircraft. The CFM56 design uses a number of common parts within its engine family.
Barnes Aerospace provides jet engine component aftermarket overhaul and repair services for many of the world's major commercial airlines and military applications. Barnes Aerospace also produces precision machined and fabricated components and assemblies for OEM turbine, airframe and industrial gas turbine builders throughout the world.
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.
SOURCE: Barnes Group Inc.