Barnes Group

Barnes Announces Update to Board of Directors

Retrieved on: 
Tuesday, March 5, 2024

Mr. Barnes will become Chairman Emeritus and continue to lead the Barnes Foundation following his retirement from the Board.

Key Points: 
  • Mr. Barnes will become Chairman Emeritus and continue to lead the Barnes Foundation following his retirement from the Board.
  • Barnes will also work with Irenic to identify an additional mutually agreed upon independent director to appoint to the Board of Directors.
  • Thomas O. Barnes, Chairman of the Board, said, “It has been an honor to serve the company my family founded in 1857.
  • On behalf of the Board and the entire Barnes team, I want to thank Mylle for her service and wish her all the best going forward.”
    Barnes added, “I am delighted that the Board has selected Dick as my successor as Chair of our Board of Directors.

Barnes Aerospace Unveils New Facility in Singapore to Increase Engine Component Repair Capacity

Retrieved on: 
Wednesday, February 21, 2024

In the face of critical aerospace engine component repair capacity constraints within the aerospace industry, Barnes Aerospace is excited to announce that it has added a new component repair facility in Singapore.

Key Points: 
  • In the face of critical aerospace engine component repair capacity constraints within the aerospace industry, Barnes Aerospace is excited to announce that it has added a new component repair facility in Singapore.
  • Barnes Aerospace’s component repair capacity to support customers’ needs in the region will increase, as does the facility footprint by approximately 50%.
  • This strategic expansion marks a significant milestone for Barnes Aerospace as it enhances its capacity to provide cutting-edge aerospace engine component repair services in the heart of the Asia-Pacific region.
  • “We welcome the expansion by Barnes Aerospace, which further solidifies Singapore as a global node for aerospace manufacturing as well as maintenance, repair and overhaul (MRO).

Irenic Encourages Barnes Group to Move with Greater Urgency to Collaborate on Necessary Board Improvements

Retrieved on: 
Friday, February 16, 2024

Irenic Capital Management LP (together with its affiliates, “Irenic” or “we”), a top shareholder of Barnes Group Inc. (NYSE: B) (“Barnes” or the “Company”) and the beneficial owner of approximately 5.1% of the Company’s outstanding common stock, today issued the following statement from Co-Founder and Chief Investment Officer Adam Katz:

Key Points: 
  • Irenic Capital Management LP (together with its affiliates, “Irenic” or “we”), a top shareholder of Barnes Group Inc. (NYSE: B) (“Barnes” or the “Company”) and the beneficial owner of approximately 5.1% of the Company’s outstanding common stock, today issued the following statement from Co-Founder and Chief Investment Officer Adam Katz:
    “We are committed to working constructively and in good faith to help Barnes realize its potential.
  • Today's underwhelming results for the fourth quarter and full-year 2023 reinforce the need for a more engaged, independent and well-rounded Board at Barnes.
  • We encourage the Company to move with greater urgency to work with us on the addition of independent directors with relevant industry and capital allocation expertise.
  • It is time to do the right thing for Barnes’ shareholders.”

Barnes Reports Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Friday, February 16, 2024

Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the fourth quarter and full year 2023.

Key Points: 
  • Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the fourth quarter and full year 2023.
  • Adjusted EBITDA was $78.2 million, up 36% from a year ago and adjusted EBITDA margin was 18.8%, up 50 bps.
  • As of December 31, 2023, the Company had $90 million in cash and $357 million available capacity under its revolving credit facility.
  • “In 2022, we set a strategic course to reposition Barnes for long-term value creation and we made considerable progress during 2023.

Barnes Declares Quarterly Dividend

Retrieved on: 
Friday, February 9, 2024

The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of sixteen cents ($0.16) per share.

Key Points: 
  • The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of sixteen cents ($0.16) per share.
  • The dividend will be payable March 8, 2024, to shareholders of record at the close of business on February 22, 2024.
  • Barnes and its predecessor companies have paid a cash dividend to stockholders on a continuous basis since 1934.

Barnes Announces Sale of Associated Spring™ and Hänggi™ Businesses as Part of Continued Portfolio Optimization and Long-term Profitable Growth Strategy

Retrieved on: 
Thursday, January 11, 2024

The transaction is valued at $175 million, inclusive of a $15 million seller promissory note due in 24 months.

Key Points: 
  • The transaction is valued at $175 million, inclusive of a $15 million seller promissory note due in 24 months.
  • Hook concluded, “The combination of our recent MB Aerospace acquisition and this divestiture dramatically shifts Barnes’ portfolio toward markets with higher growth and margin opportunities.
  • Barnes leadership will provide additional details on the company’s Q4 and Full Year 2023 earnings call on February 16, 2024.
  • BofA Securities served as financial advisor and Foley & Lardner LLP served as legal counsel to Barnes.

Barnes Announces Fourth Quarter and Full Year 2023 Earnings Conference Call and Webcast

Retrieved on: 
Tuesday, December 19, 2023

Barnes Group Inc. (NYSE: B) today announced it will release fourth quarter and full year 2023 financial results on Friday, February 16, 2024, before the market opens.

Key Points: 
  • Barnes Group Inc. (NYSE: B) today announced it will release fourth quarter and full year 2023 financial results on Friday, February 16, 2024, before the market opens.
  • Barnes will also host a conference call which will begin at 8:30 a.m. (ET) on that day to discuss the results and the Company’s outlook.
  • The public may access the conference through a live audio webcast available on the Investor Relations section of the Barnes website at www.onebarnes.com .
  • The conference is also available by direct dial at (888) 510-2379 in the U.S. or (646) 960-0691 outside of the U.S.; Conference ID 1137078.

Barnes Reports Third Quarter 2023 Financial Results

Retrieved on: 
Friday, October 27, 2023

Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the third quarter 2023.

Key Points: 
  • Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the third quarter 2023.
  • “As we work to transform the Barnes portfolio, a significant amount of progress was made in the third quarter.
  • Third quarter 2023 net sales of $361 million were up 15% compared to the prior year period, with organic sales (1) increasing 4%.
  • Barnes will conduct a conference call with investors to discuss the third quarter 2023 results at 8:30 a.m.

Barnes Declares Quarterly Dividend

Retrieved on: 
Thursday, October 12, 2023

The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of sixteen cents ($0.16) per share.

Key Points: 
  • The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of sixteen cents ($0.16) per share.
  • The dividend will be payable December 8, 2023, to shareholders of record at the close of business on November 22, 2023.
  • Barnes and its predecessor companies have paid a cash dividend to stockholders on a continuous basis since 1934.

Ingersoll Rand Announces Addition of Julie Schertell and JoAnna Sohovich to Board of Directors

Retrieved on: 
Thursday, September 28, 2023

Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, today announced the appointment of Julie Schertell and JoAnna Sohovich to its Board of Directors effective October 2, 2023.

Key Points: 
  • Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, today announced the appointment of Julie Schertell and JoAnna Sohovich to its Board of Directors effective October 2, 2023.
  • Sohovich is the chair of the Board of Directors for Chamberlain Group, a global leader in smart access solutions across residential and commercial properties.
  • “I am excited to welcome Julie and JoAnna to our Board,” said Vicente Reynal, chairman and CEO of Ingersoll Rand.
  • We will benefit from both of their valuable perspectives as we continue to drive value through our compounder growth model.”