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|Barnes Group Inc. Agrees to Acquire Spectrum Plastics Molding Resources, Inc.|
|BRISTOL, Conn., Mar 20, 2002 (BUSINESS WIRE) -- Barnes Group Inc. (NYSE:B)
announced today that it has signed a definitive agreement to acquire Spectrum
Plastics Molding Resources, Inc. of Ansonia, Connecticut, a fully integrated,
precision injection molder of plastic products. Spectrum Plastics Molding
Resources, Inc. (Spectrum Plastics) is a premier manufacturer of reel-to-reel
and loose piece part plastic components and related tooling, owned and lead by
Mr. Pierre Dziubina, who will continue to manage the business under Barnes Group
The acquisition is expected to close early in the second quarter of this year. The transaction will be financed through a combination of cash and Barnes Group Inc. stock, and will add approximately $17 million in annual sales to Barnes Group's Associated Spring unit.
"With the acquisition of Spectrum Plastics, Barnes Group adds plastic molding capabilities that will use metal inserts and continuous stamped lead frame to supply metal-in-plastic and plastic-on-metal assemblies for the electronics, telecommunications, medical, and many other rapidly growing, technologically advanced markets," said Edmund M. Carpenter, President and Chief Executive Officer, Barnes Group Inc. "We are very pleased to be acquiring Spectrum Plastics, given its expertise in plastic engineering, tooling and molding technologies. Pierre Dziubina has built a strong plastic manufacturing business and we are excited to have him and his organization join Barnes Group."
Spectrum Plastics possesses state-of-the-art manufacturing assets and capabilities, and serves many of the same customers as Associated Spring. Mr. Dziubina and his workforce of approximately 120 will become employees of Associated Spring.
"By acquiring Spectrum Plastics, we are adding a complementary product line that expands our current metal product offerings, enabling Associated Spring to become a single-source solution for plastic and metal components and assemblies," said Leonard M. Carlucci, President, Associated Spring. "Associated Spring, already a global supplier of metal components, is well positioned to leverage its geographic presence and manufacturing expertise to offer customers efficient and cost-effective opportunities to source plastic as well as metal and plastic assemblies and components worldwide."
"Barnes Group continues to evaluate acquisition opportunities that strategically complement our businesses," Carpenter added.
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 2001 sales of $769 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 5,300 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 Investor Relations (860) 973-2126 or Stephen J. McKelvey Corporate Communications (860) 973-2132 URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
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