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|Barnes Group Inc. to Acquire Service Plus Distributors, Inc.|
BRISTOL, Conn., Aug 25, 2005 (BUSINESS WIRE) -- Barnes Group Inc. (NYSE: B) today announced that it has signed a definitive agreement to acquire the assets of Service Plus Distributors, Inc. (SPD) of Bristol, Pennsylvania, a distributor of gas springs, dampers and hardware to equipment and vehicle manufacturers. With a cash consideration of approximately $13.7 million, the acquisition is expected to close during the third quarter 2005.
SPD will become a part of Barnes Distribution's Raymond division, distributors of specialty products around the world. "Our Barnes Distribution group continues to focus on adding businesses with products, services, capabilities or markets that provide attractive opportunities to increase and leverage its core strengths," said Edmund M. Carpenter, President and Chief Executive Officer, Barnes Group Inc. "SPD represents a strong product line addition for Barnes Distribution."
"SPD's product lines, particularly gas springs, will complement and expand Raymond's current offering," said Keith Drewett, President, Barnes Distribution. "Raymond's sales and engineering management with its global distribution network will provide a vehicle for the sale of SPD's product line outside the United States."
"The SPD acquisition provides an important complementary product line to our Raymond(R) m-Struts(TM), a proprietary line of mechanical coil spring struts. This addition supports our product tiering strategy which is critical to providing our global customers with the products they demand," said Michael Holbrook, Vice President, Raymond.
SPD markets and distributes gas springs and dampers, related mounting hardware, and industrial door and truck body hardware. Its products are used primarily for doors, hatches, and lids in a wide variety of applications. Applications include truck cabs, construction equipment, emergency vehicles, motor homes, boats, trailers, toolboxes, conveyors, compressors and exercise equipment. Customers include industrial equipment manufacturers, commercial and recreational vehicle manufacturers, and other wholesalers.
Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal components and assemblies and a 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 2004 sales of $994.7 million: Barnes Distribution, an international, full-service distributor of maintenance, repair, operating, and production supplies; Associated Spring, one of the world's largest manufacturers of precision mechanical and nitrogen gas springs and a global supplier of retaining rings, reed valves, shock discs, and injection-molded plastic components; and Barnes Aerospace, a manufacturer and repairer of highly engineered assemblies and components for commercial and military aircraft engines, airframes, and land-based industrial gas turbines. Over 5,900 dedicated employees at 60 locations worldwide contribute to Barnes Group Inc.'s success.
SOURCE: Barnes Group Inc.
Barnes Group Inc.