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Barnes Group Inc., Bristol, CT, has acquired the stock of Toolcom Supplies Ltd., of Edinburgh, Scotland, a distributor of maintenance, repair, and operating (MRO) supplies and replacement parts in the United Kingdom. Toolcom will be integrated into Barnes Group's Barnes Distribution business, strengthening its market presence in the UK. The purchase price of $13.4 million is being paid with available cash.
‘'With the acquisition of Toolcom Supplies, Barnes Distribution's business in Europe will expand both its geographic footprint and product offering in the United Kingdom, and we will accelerate our efforts to achieve key global and financial initiatives,'' said Keith Drewett, president, Barnes Distribution. ‘'The combined resources of both operations will enable more efficient and effective service based on customer needs including vendor-managed inventory, customer-managed inventory and e-commerce.''
‘'Our acquisition strategy is focused on adding businesses with products, services, capabilities or markets that provide attractive opportunities to increase and leverage our core strengths,'' said Edmund M. Carpenter, president and CEO, Barnes Group Inc. ‘'Toolcom satisfies each of these strategic objectives for Barnes Distribution's business in Europe.''
Founded in 1974, Toolcom Supplies Ltd. distributes MRO supplies and workshop consumables. Toolcom's core customers are national and regional transportation companies, local and city governments, freight operators and industrial / manufacturing businesses. It has specific product experience in workshop consumables, electrical and janitorial products, and vehicle components, and operates a managed inventory system.