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|Barnes Group Announces New Repurchase Program|
Bristol, Connecticut, April 12, 2001---The Board of Directors of Barnes Group Inc. (NYSE: B) today authorized a new repurchase program for up to 1 million shares of the company’s common stock, effective immediately. The new authorization replaces a previous authorization approved on October 15, 1999, which was substantially completed.
William C. Denninger, Barnes Group Inc.’s Chief Financial Officer, commented, “Since July, 1996, we have repurchased over 2 million shares of our common stock. Today’s action by our Board of Directors reflects Barnes Group’s ongoing commitment to, when appropriate, return capital to our shareholders in a tax-efficient manner.”
Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal parts and 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 2000 sales of $740 million: Associated Spring, a manufacturer of precision mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer and repairer of aircraft engine and airframe components and assemblies; and Barnes Distribution, a distributor of maintenance, repair and operating supplies. Nearly 5,500 dedicated employees at more than 50 locations worldwide contribute to Barnes Group Inc.’s success.
Phillip J. Penn
Stephen J. McKelvey