BRISTOL, Conn., Jan 31, 2002 (BUSINESS WIRE) -- Barnes Group Inc. (NYSE:B)
announced today that it has signed a definitive agreement to acquire
substantially all of the manufacturing assets of Seeger-Orbis GmbH& Co. OHG of
Germany from TransTechnology Corporation (NYSE:TT). The acquired business will
expand both the product offering and geographic scope of Barnes Group's
Associated Spring business unit.
The acquisition is expected to close by the end of the first quarter of this
year. The purchase price of $20 million will be financed with cash held by
Barnes Group Inc. outside the United States.
"With the acquisition of the assets of Seeger-Orbis, Associated Spring will
further expand its geographic reach into Europe," said Edmund M. Carpenter,
President and Chief Executive Officer, Barnes Group Inc. "The acquisition will
add approximately $30 million in annual sales to Associated Spring's operation,
and further reinforce our position as a leader in the worldwide engineering and
manufacturing of precision springs and stampings."
Seeger-Orbis was the original inventor of the retaining ring and Seeger(R) is
the preeminent, universally recognized brand name for high-quality retaining
rings. In Europe, Seeger-Orbris is the leading designer and manufacturer of
superior quality engineered retaining rings and snap rings.
"By acquiring Seeger-Orbis, Associated Spring will increase its manufacturing
capabilities in Europe, and will benefit from the transfer of technology between
the two organizations," said Leonard M. Carlucci, President, Associated Spring.
"This will facilitate our ability to service customers in both the U.S. and
European markets by offering more product solutions and complete assemblies,"
"Barnes Group continues to identify acquisition opportunities that complement
our businesses and expand our company, and that will add shareholder value over
the long term," Carpenter added.
TransTechnology (www.transtechnology.com), headquartered in Liberty Corner, New
Jersey, designs and manufactures aerospace products with over 380 people at its
facilities in New Jersey, Connecticut and California. Total aerospace product
sales were $81 million in the fiscal year ended March 31, 2001.
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, one of the world's largest
manufacturers of precision mechanical and nitrogen gas springs; Barnes
Aerospace, a manufacturer and repairer of highly engineered aircraft engine and
airframe components and assemblies; and Barnes Distribution, an international
distributor of maintenance, repair and operating supplies. Nearly 5,200
dedicated employees at more than 50 locations worldwide contribute to Barnes
Group Inc.'s success.
This release may contain certain forward-looking statements as defined in the
Public 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 contained in the statements. Investors are
encouraged to consider these risks and uncertainties as described within the
Company's periodic filings with the Securities and Exchange Commission,
including the following: the ability of the parties to conclude the agreed
transaction, the ability of the Company to integrate newly acquired businesses
and to realize acquisition synergies on schedule, changes in market demand for
the types of products and services produced and sold by Barnes Group, the
Company's success in identifying, and attracting customers in, new markets, the
Company's ability to develop new and enhanced products to meet customers' needs
timely, changes in worldwide economic and political conditions, interest and
foreign exchange rate fluctuations, and regulatory changes.
CONTACT: Barnes Group Inc.
Phillip J. Penn
Stephen J. McKelvey
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