Barnes Group Announces Sale of Associated Spring and Hänggi Businesses

Summary

Barnes Group Inc. announced on January 11, 2024, that it has entered into a definitive agreement to sell its Associated Spring and Hänggi businesses to One Equity Partners for $175 million. The transaction, expected to close early 2024, is part of the company's portfolio optimization strategy aimed at simplifying its Industrial Segment, strengthening its balance sheet, and accelerating debt reduction. The net cash proceeds of $150 million from the sale will be used to reduce debt incurred from the acquisition of MB Aerospace in August 2023. The deal is expected to lower Barnes' Net Debt to EBITDA ratio to 3.0x or lower by the end of 2024 and achieve its long-term leverage goal of 2.5x by 2025.