20.07.2006 00:20:00
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Barnes Group Inc. to Acquire European Specialty Distributor KENT
The KENT business will be integrated into Barnes Group Inc.'sBarnes Distribution business. KENT will complement BarnesDistribution's established businesses in the United Kingdom andFrance, and provide entry into the rest of Europe. KENT has strongmarket positions supported by direct sales operations in France,Germany, the United Kingdom, Belgium, the Netherlands, Spain, Italy,Denmark and Sweden, and has distributorships in 20 additionalcountries.
"KENT will be an excellent next step for Barnes Distribution'sexpansion in Europe, following our successful acquisition of ToolcomSupplies in the UK," said Edmund M. Carpenter, President and ChiefExecutive Officer, Barnes Group Inc. "The KENT acquisition willsignificantly enlarge our footprint in Europe and provide added scaleand scope to drive balanced, sustainable, and profitable growth."
"Barnes Distribution will continue to enhance its globaldistribution capabilities with the KENT acquisition," said Idelle K.Wolf, President, Barnes Distribution. "KENT will provide a highlysuccessful European organization and leadership team that we canleverage to sell our full-service MRO solution across Europe."
Premier Farnell plc is a global, business-to-business, smallorder, high service distributor of electronic components andindustrial products to the design, maintenance and engineeringsectors. Premier Farnell markets and distributes a range of over400,000 electronic maintenance, repair and operation and specialistproducts and services throughout Europe, North America and Asia.Premier Farnell is traded on the London Stock Exchange.
Barnes Distribution is an international full-service distributorof maintenance, repair, operating and production (MROP) supplies. Itis one of the largest industrial products distributors in NorthAmerica and includes operations in 33 countries. Barnes Distributionis a market leader in vendor-managed inventory. The vendor managedinventory model provides outsourced inventory management, monitorsinventory levels, tracks usage, replenishes stock and providesinventory reporting with limited customer involvement. BarnesDistribution has widely recognized brands and strong private labelproducts.
Barnes Group Inc. (www.barnesgroupinc.com) is a diversifiedinternational manufacturer of precision metal components andassemblies and a distributor of industrial supplies, serving a widerange of markets and customers. Founded in 1857 and headquartered inBristol, Connecticut, Barnes Group consists of three businesses with2005 sales of $1.1 billion: Barnes Distribution, an international,full-service distributor of maintenance, repair, operating, andproduction supplies; Associated Spring, one of the world's largestmanufacturers of precision mechanical and nitrogen gas products and aglobal supplier of retaining rings, reed valves, shock discs, andinjection-molded plastic components and assemblies; and BarnesAerospace, a manufacturer and repairer of highly engineered assembliesand components of aircraft engines, airframes, and land-basedindustrial gas turbines. Over 6,000 dedicated employees at more than60 locations worldwide contribute to Barnes Group Inc.'s success. TheCompany has paid cash dividends to stockholders on a continuous basissince 1934.
This release may contain certain forward-looking statements asdefined in the Private Securities Litigation and Reform Act of 1995.These forward-looking statements are subject to risks anduncertainties that may cause actual results to differ materially fromthose expressed in the forward-looking statements. The risks anduncertainties, which are described in our periodic filings with theSecurities and Exchange Commission, include, among others,uncertainties arising from the behavior of financial markets; futurefinancial performance of the industries or customers that we serve;changes in market demand for our products and services; integration ofacquired businesses; changes in raw material prices and availability;our dependence upon revenues and earnings from a small number ofsignificant customers; uninsured claims; and numerous other matters ofglobal, regional or national scale, including those of a political,economic, business, competitive, regulatory and public health nature.The Company assumes no obligation to update our forward-lookingstatements.
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Barnes Group Inc. | 45,40 | -0,44% |
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S&P 600 SmallCap | 935,46 | -0,94% |