Barnes Group Inc. Announces Agreement to Sell Its Seeger-Orbis Business to the Kajo Neukirchen Group
20 December 2019 - 11:45PM
Business Wire
Barnes Group Inc. (NYSE: B), a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, today announced that it has entered into a
definitive agreement to sell its Seeger-Orbis (“Seeger”) business
to the Kajo Neukirchen Group. The transaction is subject to
customary conditions and approvals and is expected to close in the
first quarter of 2020. Financial terms of the agreement were not
disclosed.
Seeger, headquartered in K�nigstein, Germany, develops and
produces a comprehensive range of retaining rings, fasteners, snap
rings and shims and generates annual revenues of approximately $60
million. Seeger operates as part of Barnes Group’s Engineered
Components strategic business unit within the Industrial
Segment.
The Kajo Neukirchen Group (KNG) is a German family business
specializing in long-term investment commitments in industrial,
real estate and other markets, mainly in Europe. KNG was founded by
Dr. Kajo Neukirchen, a longstanding CEO of international
corporations and enterprises.
“Seeger has a strong, industry-leading brand and a talented
workforce who deliver excellent value to its customers. With this
acquisition, the Kajo Neukirchen Group has an exciting opportunity
to further drive Seeger’s growth strategy and value proposition.
Together we will work to ensure a smooth transition,” said Patrick
J. Dempsey, President and Chief Executive Officer of Barnes Group
Inc.
“KNG is excited about the opportunity to support Seeger-Orbis in
tapping its growth potential which exists both geographically and
as part of the increasing market share of hybrid vehicles. As an
active long-term investor we will provide Seeger with our vast
experience when it comes to preparing innovative engineering firms
for rapidly changing market conditions,” said Frank Düpre, CEO of
Kajo Neukirchen Group.
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. 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.
About The Kajo Neukirchen Group The Kajo Neukirchen Group
is a family business specializing in investments in companies, real
estate and forestry. In all its activities, the Kajo Neukirchen
Group can draw on the long experience of its founder, Kajo
Neukirchen, to whom the business owes its name, and who has
successfully led numerous major corporations and enterprises.
Forward-Looking Statements This press release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. 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.
The risks and uncertainties, now to include whether the transaction
proposed by the Kajo Neukirchen Group will be consummated, are
addressed 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191220005199/en/
Barnes Group Inc. William Pitts Director, Investor Relations
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