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Barnes Group Inc. to Acquire European Specialty Distributor KENT

Published on 2006-07-26. Author : SpecialChem

BRISTOL, Conn -- Barnes Group Inc. (NYSE: B - News) announced that it has signed a definitive agreement to acquire the KENT Division (KENT) of Premier Farnell. KENT distributes adhesives, sealants, specialty cleaning chemicals, abrasives, tools and other consumables to the European transportation aftermarket and industrial maintenance market. KENT revenues for 2005 were approximately $70 million. The acquisition is expected to close by the end of the third quarter, with a cash consideration of approximately $41 million.

The KENT business will be integrated into Barnes Group Inc.'s Barnes Distribution business. KENT will complement Barnes Distribution's established businesses in the United Kingdom and France, and provide entry into the rest of Europe. KENT has strong market 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 additional countries.

"KENT will be an excellent next step for Barnes Distribution's expansion in Europe, following our successful acquisition of Toolcom Supplies in the UK," said Edmund M. Carpenter, President and Chief Executive Officer, Barnes Group Inc. "The KENT acquisition will significantly enlarge our footprint in Europe and provide added scale and scope to drive balanced, sustainable, and profitable growth."

"Barnes Distribution will continue to enhance its global distribution capabilities with the KENT acquisition," said Idelle K. Wolf, President, Barnes Distribution. "KENT will provide a highly successful European organization and leadership team that we can leverage to sell our full-service MRO solution across Europe."

Premier Farnell plc is a global, business-to-business, small order, high service distributor of electronic components and industrial products to the design, maintenance and engineering sectors. Premier Farnell markets and distributes a range of over 400,000 electronic maintenance, repair and operation and specialist products and services throughout Europe, North America and Asia. Premier Farnell is traded on the London Stock Exchange.

Barnes Distribution is an international full-service distributor of maintenance, repair, operating and production (MROP) supplies. It is one of the largest industrial products distributors in North America and includes operations in 33 countries. Barnes Distribution is a market leader in vendor-managed inventory. The vendor managed inventory model provides outsourced inventory management, monitors inventory levels, tracks usage, replenishes stock and provides inventory reporting with limited customer involvement. Barnes Distribution has widely recognized brands and strong private label products.

Barnes Group Inc. 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 2005 sales of $1.1 billion: 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 products and a global supplier of retaining rings, reed valves, shock discs, and injection-molded plastic components and assemblies; and Barnes Aerospace, a manufacturer and repairer of highly engineered assemblies and components of aircraft engines, airframes, and land-based industrial gas turbines. Over 6,000 dedicated employees at more than 60 locations worldwide contribute to Barnes Group Inc.'s success. The Company has paid cash dividends to stockholders on a continuous basis since 1934.

This release may contain certain forward-looking statements as defined in the Private 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 expressed in the forward-looking statements. The risks and uncertainties, which are described in our periodic filings with the Securities and Exchange Commission, include, among others, uncertainties arising from the behavior of financial markets; future financial performance of the industries or customers that we serve; changes in market demand for our products and services; integration of acquired businesses; changes in raw material prices and availability; our dependence upon revenues and earnings from a small number of significant customers; uninsured claims; and numerous other matters of global, 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-looking statements.

Source: Barnes Group Inc.


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