November 2, 2018

Barnes Group notches Boeing contract; completes $410M acquisition

File photo
File photo
Barnes CEO Patrick Dempsey

Bristol industrial-parts manufacturer Barnes Group Inc. this week announced it inked a long-term contract with a unit of aerospace manufacturer Boeing.

Barnes, a maker of automotive springs and aeroparts, said it has agreed to a deal with Boeing Propulsion to manufacture a line of titanium components for the Boeing 737 Max aircraft.

Financial terms were not disclosed.

Meanwhile, Barnes on Wednesday announced the completion of its $410 million acquisition of Gimatic S.r.l., an Italian maker of robotic grippers for industrial automation.

The purchase, Barnes said, moves the company into the growing industrial automation market, which has been accelerated through the adoption of automation and robotic technologies.

Barnes this week also posted third quarter net income of $39.1 million, up 10.7 percent compared to $35.3 million it recorded in the same quarter last year.

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