Barnes Completes the Acquisition of MB Aerospace
31 Agosto 2023 - 7:30AM
Business Wire
Barnes Group Inc. (NYSE: B) today announced that it has
completed its previously announced acquisition of MB Aerospace, a
leading provider of precision aero-engine component manufacturing
and repair services serving major aerospace and defense engine
OEMs, Tier 1 suppliers, and MRO providers.
“We’re excited to welcome MB Aerospace and its talented
workforce to Barnes Aerospace,” said Ian Reason, Senior Vice
President, Barnes and President, Barnes Aerospace. “The significant
growth opportunities provided by this combination will enhance our
ability to deliver value-add solutions across the aero-engine value
chain. MB Aerospace brings welcomed customer diversification within
both commercial aerospace and defense platforms and provides Barnes
with a well-balanced portfolio across aerospace and industrial end
markets.”
The purchase price of $740 million, subject to customary closing
adjustments, was financed with cash on hand, borrowings under the
Company’s new $1.0 billion revolving credit facility and its new
$650 million term loan B. For the remainder of 2023, the
acquisition is expected to add approximately $110 million in sales
and be dilutive to adjusted earnings per share by approximately
$0.25. The Company will discuss additional details about the MB
Aerospace acquisition and its operational and financial impact on
the Company’s third quarter 2023 earnings call scheduled for
Friday, October 27, 2023.
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.onebarnes.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements address our expected future operating
and financial performance and financial condition, and often
contain words such as "anticipate," "believe," "expect," "plan,"
"strategy," "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 risks include
uncertainties relating to conditions in financial markets; currency
fluctuations and foreign currency exposure; future financial
performance of the industries or customers that we serve; our
ability to successfully integrate and achieve anticipated synergies
associated with recently announced and future acquisitions,
including the acquisition of MB Aerospace described herein; risks
associated with international sales and operations, including with
respect to the forecasted growth of MB Aerospace’s businesses; the
ability to maintain adequate liquidity and financing sources; and
general economic conditions affecting the industries we serve. A
detailed discussion of these and other factors that may affect our
future results is contained in Barnes Group Inc.’s filings with the
U.S. Securities and Exchange Commission, including its most recent
reports on Form 10-K, 10-Q, and 8-K. The Company assumes no
obligation to update our forward-looking statements.
Note Regarding Certain Financial Information
The anticipated adjusted earnings per share impact excludes
short-term purchasing accounting adjustments and other adjustments
not reflective of ongoing results, which management believes
provides the Company and its investors with an indication of
baseline performance. MB Aerospace’s calendar 2023 revenue is based
on 2023 unaudited prospective financial information. As permitted
by Regulation G, Barnes does not provide quantitative
reconciliations of such forward-looking non-GAAP financial
information to the comparable GAAP measure, because the calculation
of such measures is inherently uncertain and difficult to predict
and is unavailable without unreasonable efforts. Such items could
have a substantial impact on GAAP measures of Barnes’ financial
performance. In addition, Barnes believes such reconciliations
would imply a degree of precision and certainty that could be
confusing to investors.
Category: General
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version on businesswire.com: https://www.businesswire.com/news/home/20230829656769/en/
Investors: Barnes Group Inc. William Pitts Vice
President, Investor Relations 860.583.7070
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