Barnes Group Inc. Extends Long-Term Agreement With ITP Aero for Manufacture of Trent XWB Assemblies

Rhea-AI Summary

Barnes Group Inc. (NYSE: B) announced the extension of its long-term agreement with ITP Aero, a Rolls-Royce company, through 2025. This contract includes the manufacturing of components for the Trent XWB engine program. Barnes Aerospace will utilize its advanced metal forming and fabrication technologies. Senior VP Mike Beck highlighted the significance of this partnership, which underscores their strong relationship with ITP Aero and Rolls-Royce. The agreement showcases Barnes Aerospace's commitment to delivering high-quality components and maintaining a competitive edge in the aerospace sector.

Positive

• Long-term agreement extended with ITP Aero through 2025.
• Contract includes manufacturing components for the Trent XWB engine program, validating Barnes Aerospace's technical capabilities.
• Strengthens relationship with ITP Aero and Rolls-Royce, indicating trust in Barnes Aerospace's performance.

Negative

• None.

• Extends Term of Previous Agreement through 2025
• Includes Trent XWB 84k and 97k Assemblies

WINDSOR, Conn.--(BUSINESS WIRE)-- Barnes Aerospace, a business unit of Barnes Group Inc. (NYSE: B), today announced that it has extended a long-term agreement with ITP Aero, a Rolls-Royce company (LON: RR), for the manufacture of components and assemblies for the Trent XWB engine program. Barnes Aerospace will continue to leverage its expertise and technology in the advanced metal forming, fabrication, and assembly of complex components.

“With a focus on driving innovation through industry-leading technical, quality, and manufacturing capabilities, Barnes Aerospace has once again been selected as a key supplier on the Trent XWB engine program,” said Mike Beck, Senior Vice President, Barnes Group Inc. and President, Barnes Aerospace. “We are delivering exceptional execution through our Barnes Enterprise System, and the willingness and confidence of ITP Aero and Roll-Royce’s to extend this contract with Barnes Aerospace is testament to our excellent, long standing relationship, and the value placed on such performance.”

About Barnes Aerospace

Barnes Aerospace is a global provider of complex fabricated and precision-machined components and assemblies for OEMs of turbine engines, nacelles, airframes and industrial gas turbines, and the military. In addition, Barnes Aerospace provides aircraft engine component MRO services for many of the world's major turbine engine manufacturers, commercial airlines and the military and also manufactures and delivers aftermarket spare parts.

About Barnes Group

Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare, and packaging. The skilled and dedicated employees of Barnes Group around the globe are committed to the highest performance standards and achieving consistent, sustainable profitable growth. Barnes Group is committed to corporate accountability and furthering environmental, social and governance principles as evidenced by our listing as one of America’s Most Responsible Companies by Newsweek. For more information, visit www.BGInc.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address our expected future operating and financial performance and financial condition, and often contain words such as "anticipate," "believe," "expect," "plan," "strategy," "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 risks include uncertainties relating to conditions in financial markets; future financial performance of the industries or customers that we serve; risks associated with international sales and operations; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in Barnes Group Inc.’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. The Company assumes no obligation to update our forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005739/en/

Barnes Group Inc.

William Pitts

Director, Investor Relations

860.583.7070

Source: Barnes Group Inc.

FAQ

What does the extended agreement with ITP Aero entail for Barnes Group (B)?

The extended agreement involves the manufacture of components for the Trent XWB engine program, confirming Barnes Aerospace's role as a key supplier.

How long is the new contract between Barnes Group (B) and ITP Aero effective?

The contract is effective through 2025.

What is the significance of the Trent XWB engine program for Barnes Group (B)?

The Trent XWB engine program represents a critical manufacturing opportunity, reinforcing Barnes Aerospace's expertise in the aerospace sector.

Who is ITP Aero in relation to Barnes Group (B)?

ITP Aero is a Rolls-Royce company that collaborates with Barnes Group on the Trent XWB engine program.