BRISTOL, Conn.--(BUSINESS WIRE)--April 29, 2002--Barnes Group Inc.
(NYSE: B) announced today that it has completed its acquisition of
Spectrum Plastics Molding Resources, Inc. of Ansonia, Connecticut, a
fully integrated, precision injection molder of plastic products.
Spectrum Plastics Molding Resources, Inc., previously owned by Pierre
Dziubina, is a premier manufacturer of reel-to-reel and loose piece
part plastic components and related tooling. Mr. Dziubina will
continue to manage the Spectrum Plastics business under Barnes Group
Spectrum Plastics possesses state-of-the-art manufacturing assets
and capabilities, and serves many of the same customers as Barnes
Group's Associated Spring business. The acquisition of Spectrum
Plastics will add approximately $17 million in annual sales to the
Associated Spring unit.
"With the addition of Spectrum Plastics, Barnes Group adds plastic
molding capabilities 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.
"Spectrum Plastics enables Associated Spring to become a single-source
solution for plastic and metal components and assemblies.
"The acquisition of Spectrum Plastics represents the seventh
strategic acquisition by Barnes Group in less than three years.
Together, these acquisitions have added companies, manufacturing
assets and technology that complement our three existing businesses,
enhancing our ability to service our new and existing customers
effectively and efficiently. Barnes Group continues to evaluate other
such acquisition opportunities," Mr. 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 5,400 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 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
||Barnes Group Inc.
||Phillip J. Penn
||Stephen J. McKelvey