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Barnes’ Engineered Components to Close Production Operations in Bristol, CT
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Barnes Group Inc. (NYSE: B) announced plans to close its Engineered Components facility in Bristol, Connecticut, impacting around 95 employees. This decision, expected to finish by mid-2023, responds to declining powertrain automotive production and challenges from inflation and supply chain issues. Operations will be shifted or permanently discontinued to enhance efficiency and competitiveness. This closure will not affect other manufacturing sites or the company's headquarters in Bristol.
Positive
Closure expected to enhance overall efficiency and competitiveness of Engineered Components.
Operations will be transferred to other locations, allowing for potential resource optimization.
Negative
Closure affects approximately 95 employees, leading to potential job losses.
Declining powertrain automotive production volumes signal a challenging market environment.
BRISTOL, Conn.--(BUSINESS WIRE)--
Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today announced the planned closure of production operations at its Engineered Components facility located in Bristol, Connecticut.
The Bristol production operations, a manufacturing facility supporting the Company’s Associated Spring brand with approximately 95 employees, serves the U.S. automotive industry and focuses on manufacturing, stamping and assembly of legacy transmission springs and washers. With the ongoing decline in U.S. powertrain automotive production volumes as manufacturers increase their electric vehicle models, compounded by the increasingly difficult macroeconomic environment with heightened inflation and supply chain challenges, the Company has decided to close the Bristol operations to make Engineered Components more efficient and cost competitive.
Work performed at the facility will either be transferred to other Engineered Components manufacturing locations or permanently discontinued. The Bristol, Connecticut facility closure is expected to be completed by mid-2023
No other Engineered Components manufacturing locations are affected by today’s announcement, other than to support any transferred operations, and it does not impact Barnes’ Corporate Headquarters, which will continue to be based in Bristol, Connecticut.
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.barnesgroupinc.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the planned closure of production operations at the Company’s facility in Bristol, Connecticut and charges and cash expenditure anticipated in connection with such closure. Forward-looking statements often address our expected future operating and financial performance and financial condition, and often contain words such as "anticipate," "believe," "expect," "plan," "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 include, among others: the ongoing impacts of the COVID-19 pandemic on our business, including on demand, supply chain and operations and the industries and customers that we serve; the failure to achieve anticipated cost savings associated with the workforce reductions and restructuring actions discussed herein (the “Plan”); the ability to successfully execute the Plan; higher than anticipated costs in implementing the Plan; the preliminary nature of our cost and savings estimates related to the Plan, including the timing of such charges and savings, which are subject to change as the Company makes decisions and refines estimates over time; timing delays in implementing the Plan; our ability to realize all of the cost savings and benefits anticipated in connection with the Plan; management and employee distraction resulting from the Plan; and other risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission by the Company, including, among others, those in the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the Company's filings. The Company assumes no obligation to update its forward-looking statements.
