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|Barnes Group Inc. Declares Increased Quarterly Dividend and Announces New Share Repurchase Program|
BRISTOL, Conn., Oct 20, 2011 (BUSINESS WIRE) --
The Board of Directors of Barnes Group Inc. (NYSE: B) today increased the Company's quarterly cash dividend 25 percent to ten cents ($0.10) per share of common stock. The dividend will be payable December 9, 2011 to shareholders of record at the close of business on November 30, 2011. On an annualized basis, the increase raises the annual dividend from 32 cents ($0.32) per share to 40 cents ($0.40) per share.
"This increase in our dividend reflects Barnes Group's ongoing recovery in our businesses," said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc. "We continue to deliver improved financial performance and we remain confident in the long-term growth prospects of the Company."
Barnes Group Inc. and its predecessor companies have paid a cash dividend to stockholders on a continuous basis since 1934.
In addition, the Board authorized the repurchase of up to five million shares of the Barnes Group's common stock. Under the authorization, the Company from time to time would repurchase shares in the open market or through privately negotiated transactions depending on market conditions and other relevant factors. Barnes Group recently completed the purchase of the remaining shares under the Company's 2008 Stock Repurchase Authorization.
ABOUT BARNES GROUP
Founded in 1857, Barnes Group Inc. (NYSE:B) is a diversified global manufacturer and logistical services company focused on providing precision component manufacturing and operating service support. The Barnes Group's more than 4,800 dedicated employees, at more than 60 locations worldwide, are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com. Barnes Group, the Critical Components People.
This release may contain certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based upon management's good faith expectations and beliefs concerning future developments and their potential effect upon the Company and can be identified by the use of words such as "anticipated," "believe," "expect," "plans," "strategy," "estimate," "project," and other words of similar meaning in connection with a discussion of future operating or financial performance. 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, including whether the transaction proposed by Berner SE will be consummated and others described in our periodic filings with the Securities and Exchange Commission, include, among others, uncertainties arising from the current or worsening disruptions in 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; restructuring costs or savings; the impact of the proposed acquisition of the BDE businesses by Berner SE and any other future strategic actions, including acquisitions, joint ventures, divestitures, restructurings, or strategic business realignments, and our ability to achieve the financial and operational targets set in connection with any such actions; introduction or development of new products or transfer of work; changes in raw material or product prices and availability; foreign currency exposure; our dependence upon revenues and earnings from a small number of significant customers; a major loss of customers; the outcome of pending and future claims or litigation or governmental, regulatory proceedings, investigations, inquiries, and audits; uninsured claims and litigation; outcome of contingencies; future repurchases of common stock; future levels of indebtedness; and numerous other matters of global, regional or national scale, including those of a political, economic, business, competitive, environmental, regulatory and public health nature. The Company assumes no obligation to update our forward-looking statements.
SOURCE: Barnes Group Inc.
Barnes Group Inc.