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|Barnes Group Inc. Increases Quarterly Dividend 14 Percent|
Announces New Stock Repurchase Program
BRISTOL, Conn.--(BUSINESS WIRE)--May 8, 2008--The Board of Directors of Barnes Group Inc. (NYSE: B) today increased the Company's quarterly cash dividend 14 percent to 16 cents ($0.16) per share. Additionally, the Board authorized a new repurchase program for up to five million shares of the Company's common stock, effective immediately.
"Today's actions by our Board of Directors reflect Barnes Group's ongoing commitment to provide value to our stockholders in a tax-efficient manner," said William C. Denninger, Senior Vice President, Finance and Chief Financial Officer, Barnes Group Inc. "Since 1934, the Company has paid a cash dividend to stockholders on a continuous basis, while sustaining our legacy of delivering the highest quality products and services to our customers worldwide."
The dividend will be payable June 10, 2008, to stockholders of record at the close of business on May 30, 2008. The Company previously paid a cash dividend at the annual rate of 56 cents ($0.56) per share. The increase raises the dividend on an annualized basis to 64 cents ($0.64) per share.
Barnes Group Inc.'s new buy-back program replaces a previous authorization for the repurchase of one million shares that was approved on April 12, 2001. The Company plans to repurchase up to five million of its common shares in the open market or through privately negotiated transactions at the then prevailing market price from time to time, depending on market conditions and other factors. Share purchases will be effected at management's discretion, depending on management's assessment of the desirability of alternative uses for the Company's capital, the market for the Company's common stock, the Company's cash flow and capital levels, and economic conditions. Shares purchased will be held in the corporate treasury and will be used for general corporate purposes.
As of April 30, 2008, Barnes Group Inc. had 54,227,797 shares outstanding.
Barnes Group Inc. (NYSE:B) is an international aerospace and industrial components manufacturer and full-service distribution company focused on achieving consistent, sustainable, and predictable results. Founded in 1857, Barnes Group consists of three businesses: Barnes Aerospace, Barnes Distribution, and Barnes Industrial. More than 6,400 dedicated employees at more than 70 locations worldwide contribute to Barnes Group Inc.'s success. For more information, visit www.barnesgroupinc.com.
CONTACT: Barnes Group Inc.