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Barnes Group Inc Announces Agreement To Sell Barnes Distribution North America Business To MSC Industrial Direct Co., Inc.

Friday, 22 Feb 2013 06:30am EST 

Barnes Group Inc announced that it has entered into a definitive agreement to sell Barnes Distribution North America business (BDNA) to MSC Industrial Direct Co., Inc. for $550 million. The transaction is expected to close in late March, or early in the second quarter of 2013. After-tax proceeds from the transaction are anticipated to be approximately $400 million. Barnes Group expects to utilize a portion of the proceeds to reduce debt, buyback common shares, invest in profitable growth initiatives including acquisitions, and general corporate purposes. The BDNA business results currently comprise the majority of the Company's Distribution segment. The remaining business within the Distribution segment, Associated Spring Raymond, will be realigned into the Company's Industrial Segment. Accordingly, the Company's financial results, beginning with the first quarter of 2013, will be reported in two segments Aerospace and Industrial. Baird served as the exclusive financial advisor to Barnes Group Inc. on the sale of Barnes Distribution North America. 

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0.32 +0.86%
26 Dec 2014