Barnes Group to sell Barnes Distribution North America business for $550M

theflyonthewall.com

Barnes Group announced that it has entered into a definitive agreement to sell its Barnes Distribution North America business to MSC Industrial Direct for $550M, subject to certain adjustments. The transaction, which is subject to various conditions, including customary closing conditions and approvals, is expected to close in late March, or early in the second quarter of 2013. Barnes Group expects to report BDNA as Discontinued Operations beginning with the first quarter of 2013. After-tax proceeds from the transaction are anticipated to be approximately $400M. 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.

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