BRISTOL, Conn.--(BUSINESS WIRE)--Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today announced that it has acquired Industrial Gas Springs Group Holdings Limited (“IGS”). IGS is a recognized designer, manufacturer and supplier of customized gas springs.
IGS is headquartered in the United Kingdom, with distribution and assembly capabilities in the United States. The company has diversified end markets including general industrial, transportation, aerospace, and medical, among others. IGS will operate as a business within Barnes Group’s Industrial Segment, as part of the Nitrogen Gas Products (“NGP”) strategic business unit.
“We look forward to adding IGS’s force and motion control product applications to our NGP business,” said Scott A. Mayo, Senior Vice President, Barnes Group Inc. and President, Barnes Industrial. “Their complementary, highly diversified end markets and strong customized product application engineering represent a great opportunity for us to scale and broaden NGP’s technology portfolio and customer base.”
The transaction is not material to Barnes Group’s consolidated financial position or liquidity.
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, healthcare, and packaging. Barnes Group’s skilled and dedicated employees around the globe are committed to the highest performance standards and achieving consistent, sustainable profitable growth. For more information, visit www.BGInc.com.
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; currency fluctuations and foreign currency exposure; future financial performance of the industries or customers that we serve; our ability to successfully close and integrate recently announced and future acquisitions; 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.