Barnes Group Inc., Bristol, CT, reported sales increased 16% to $360 million in the second quarter ended June 30, 2007. Profit was up 58%.
Sales at Barnes Aerospace were $92.4 million in the second quarter 2007, up 25% as original equipment manufacturer sales of $62.3 million grew 21% and aftermarket sales of $30.1 million were up 36%.
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Sales at Barnes Distribution were $150.7 million in the second quarter of 2007, up 20%, including $22.2 million of incremental sales from the KENT acquisition and organic sales growth of $1.3 million. The modest increase in organic sales is primarily a result of Corporate and Tier II account sales increases of 10% and 24%, respectively. Operating income at Barnes Distribution was $7.5 million in the second quarter, down 16% from the year-ago quarter.
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In the second quarter, Barnes Distribution began implementing the initiatives of Project Catalyst by focusing on international sourcing, network efficiencies, sales and marketing resources and continued KENT integration,” said Idelle K. Wolf, president, Barnes Distribution.
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Sales at Barnes Industrial were $118.7 million in the second quarter 2007, up 6% from the same quarter last year. The Heinz H& auml; nggi acquisition from last year contributed $4.2 million of incremental sales. Improved end markets within Barnes Industrial’s specialty operations are generating stronger orders and backlog over the prior year.
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“Our second quarter results demonstrate the continued benefits of operational improvements throughout Barnes Industrial,” said Jerry W. Burris, President, Barnes Industrial. “Barnes Industrial remains focused on profitable sales growth and strengthening performance worldwide.”
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In the third quarter of 2007, the Company is realigning its Raymond division, the stock spring catalog and custom solutions business with approximately $50 million in revenues during 2006. This business currently resides within Barnes Distribution and will be transferred to Barnes Industrial.
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Barnes Group consists of three businesses: Barnes Aerospace, Barnes Distribution and Barnes Industrial. It has 65 locations worldwide.
