Barnes Group Inc. (B) is an international aerospace and industrial components manufacturer and full-service distribution company. Headquartered in Bristol, Connecticut and founded in 1857, the Group consists of three businesses: Barnes Aerospace, Barnes Distribution and Barnes Industrial. The company has 70 locations and 6,200 employees worldwide.
The company has announced the withdrawal of its earning guidance for the full year. The Group anticipates disruption as a result of the continuing International Association of Machinists (IAM) strike at the Boeing Company. This disruption will affect Barnes Aerospace’s original equipment manufacturing (OEM) business, which represents approximately 20 percent of the Group’s sales and includes a diverse mix of all major engine and aircraft manufacturers for both the commercial and military markets.
Further uncertainty arises from the effects of recent developments in the credit markets on the Group’s customers and a softening of the industrial base in which it serves, including the North American and European transportation markets. According to Gregory F. Milzcik, president and CEO, “Our market positions across many product and customer markets provide favorable long-term prospects through current events are distorting our near-term view for the balance of 2008.” Third quarter 2008 results will be announced on Friday, October 31 before the market opens.
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