BRISTOL, Conn.--(BUSINESS WIRE)--July 19, 2006--Barnes Group Inc.
(NYSE: B) today announced that it has signed a definitive agreement to
acquire the KENT Division (KENT) of Premier Farnell. KENT distributes
adhesives, sealants, specialty cleaning chemicals, abrasives, tools
and other consumables to the European transportation aftermarket and
industrial maintenance market. KENT revenues for 2005 were
approximately $70 million. The acquisition is expected to close by the
end of the third quarter, with a cash consideration of approximately
The KENT business will be integrated into Barnes Group Inc.'s
Barnes Distribution business. KENT will complement Barnes
Distribution's established businesses in the United Kingdom and
France, and provide entry into the rest of Europe. KENT has strong
market positions supported by direct sales operations in France,
Germany, the United Kingdom, Belgium, the Netherlands, Spain, Italy,
Denmark and Sweden, and has distributorships in 20 additional
"KENT will be an excellent next step for Barnes Distribution's
expansion in Europe, following our successful acquisition of Toolcom
Supplies in the UK," said Edmund M. Carpenter, President and Chief
Executive Officer, Barnes Group Inc. "The KENT acquisition will
significantly enlarge our footprint in Europe and provide added scale
and scope to drive balanced, sustainable, and profitable growth."
"Barnes Distribution will continue to enhance its global
distribution capabilities with the KENT acquisition," said Idelle K.
Wolf, President, Barnes Distribution. "KENT will provide a highly
successful European organization and leadership team that we can
leverage to sell our full-service MRO solution across Europe."
Premier Farnell plc is a global, business-to-business, small
order, high service distributor of electronic components and
industrial products to the design, maintenance and engineering
sectors. Premier Farnell markets and distributes a range of over
400,000 electronic maintenance, repair and operation and specialist
products and services throughout Europe, North America and Asia.
Premier Farnell is traded on the London Stock Exchange.
Barnes Distribution is an international full-service distributor
of maintenance, repair, operating and production (MROP) supplies. It
is one of the largest industrial products distributors in North
America and includes operations in 33 countries. Barnes Distribution
is a market leader in vendor-managed inventory. The vendor managed
inventory model provides outsourced inventory management, monitors
inventory levels, tracks usage, replenishes stock and provides
inventory reporting with limited customer involvement. Barnes
Distribution has widely recognized brands and strong private label
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
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
CONTACT: Barnes Group Inc.
Brian D. Koppy, 860-973-2126
Stephen J. McKelvey, 860-973-2132
SOURCE: Barnes Group Inc.