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The acquisition is expected to close by the end of the first quarter of this year. The purchase price of $20 million will be financed with cash held by Barnes Group Inc. outside the United States.
"With the acquisition of the assets of Seeger-Orbis, Associated Spring will further expand its geographic reach into Europe," said Edmund M. Carpenter, president and CEO, Barnes Group Inc. "The acquisition will add approximately $30 million in annual sales to Associated Spring's operation, and further reinforce our position as a leader in the worldwide engineering and manufacturing of precision springs and stampings."
Seeger-Orbis was the original inventor of the retaining ring and Seeger(R) is the preeminent, universally recognized brand name for high-quality retaining rings. In Europe, Seeger-Orbris is the leading designer and manufacturer of superior quality engineered retaining rings and snap rings.
"By acquiring Seeger-Orbis, Associated Spring will increase its manufacturing capabilities in Europe, and will benefit from the transfer of technology between the two organizations," said Leonard M. Carlucci, president, Associated Spring. "This will facilitate our ability to service customers in both the U.S. and European markets by offering more product solutions and complete assemblies," added Carlucci.
"Barnes Group continues to identify acquisition opportunities that complement our businesses and expand our company, and that will add shareholder value over the long term," Carpenter added.
TransTechnology (www.transtechnology.com), headquartered in Liberty Corner, New Jersey, designs and manufactures aerospace products with over 380 people at its facilities in New Jersey, Connecticut and California. Total aerospace product sales were $81 million in the fiscal year ended March 31, 2001.
Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal parts and 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 2000 sales of $740 million: Associated Spring, one of the world's largest manufacturers of precision mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer and repairer of highly engineered aircraft engine and airframe components and assemblies; and Barnes Distribution, an international distributor of maintenance, repair and operating supplies. Nearly 5,200 dedicated employees at more than 50 locations worldwide contribute to Barnes Group Inc.'s success.