Barnes’ Engineered Components to Close Production Operations in Bristol, CT
July 28 2022 - 4:05PM
Business Wire
Barnes Group Inc. (NYSE: B), a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, today announced the planned closure of
production operations at its Engineered Components facility located
in Bristol, Connecticut.
The Bristol production operations, a manufacturing facility
supporting the Company’s Associated Spring brand with approximately
95 employees, serves the U.S. automotive industry and focuses on
manufacturing, stamping and assembly of legacy transmission springs
and washers. With the ongoing decline in U.S. powertrain automotive
production volumes as manufacturers increase their electric vehicle
models, compounded by the increasingly difficult macroeconomic
environment with heightened inflation and supply chain challenges,
the Company has decided to close the Bristol operations to make
Engineered Components more efficient and cost competitive.
Work performed at the facility will either be transferred to
other Engineered Components manufacturing locations or permanently
discontinued. The Bristol, Connecticut facility closure is expected
to be completed by mid-2023
No other Engineered Components manufacturing locations are
affected by today’s announcement, other than to support any
transferred operations, and it does not impact Barnes’ Corporate
Headquarters, which will continue to be based in Bristol,
Connecticut.
About Barnes
Barnes Group Inc. (NYSE: B) pioneers technologies to help change
the world. Leveraging world-class manufacturing capabilities and
market-leading engineering, we develop advanced processes,
automation solutions and applied technologies for industries
ranging from medical and personal care to mobility, packaging and
aerospace. Customers benefit from our integrated hardware and
software capabilities focused on improving the processing, control,
service and sustainability of engineered plastics, factory
automation technologies and precision components. For more
information, please visit www.barnesgroupinc.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995,
including statements regarding the planned closure of production
operations at the Company’s facility in Bristol, Connecticut and
charges and cash expenditure anticipated in connection with such
closure. Forward-looking statements often address our expected
future operating and financial performance and financial condition,
and often contain words such as "anticipate," "believe," "expect,"
"plan," "estimate," "project," and similar terms. These
forward-looking statements do not constitute guarantees of future
performance and are subject to a variety of risks and uncertainties
that may cause actual results to differ materially from those
expressed in the forward-looking statements. These include, among
others: the ongoing impacts of the COVID-19 pandemic on our
business, including on demand, supply chain and operations and the
industries and customers that we serve; the failure to achieve
anticipated cost savings associated with the workforce reductions
and restructuring actions discussed herein (the “Plan”); the
ability to successfully execute the Plan; higher than anticipated
costs in implementing the Plan; the preliminary nature of our cost
and savings estimates related to the Plan, including the timing of
such charges and savings, which are subject to change as the
Company makes decisions and refines estimates over time; timing
delays in implementing the Plan; our ability to realize all of the
cost savings and benefits anticipated in connection with the Plan;
management and employee distraction resulting from the Plan; and
other risks and uncertainties described in documents filed with or
furnished to the Securities and Exchange Commission by the Company,
including, among others, those in the Management's Discussion and
Analysis of Financial Condition and Results of Operations and Risk
Factors sections of the Company's filings. The Company assumes no
obligation to update its forward-looking statements.
Category: General
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version on businesswire.com: https://www.businesswire.com/news/home/20220728005252/en/
Barnes Morgan Ferrarotti Director, Corporate Marketing and
Communications 860.583.7070
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