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December 20, 2019

Barnes Group to sell German manufacturer

PHOTO | Flickr/Craig Howell Barnes Group valve springs.

Barnes Group plans to sell a German manufacturing business it’s owned for the past 18 years.

The Bristol-based aerospace and industrial manufacturer said it’s agreed to sell Seeger-Orbis to the German-based Kajo Neukirchen Group (KNG). It didn’t disclose the sale price, but said the transaction is expected to close in the first quarter of 2020.

As a result, Barnes will book a non-cash, pre-tax impairment charge of $12 million for the fourth quarter, primarily the result of a transfer of goodwill to the divested business.

Barnes acquired the company in 2002 for $20 million. The company, which manufactures retaining rings, fasteners and other parts now generates annual revenue of approximately $60 million.

Barnes announced the deal Friday before the market opened. Its shares opened at $61.84, up from their Thursday closing price of $61.47 per share.

KNG, a German family business that makes long-term investments in industrial and other markets, said it plans to help Seeger-Orbis tap its growth potential in the hybrid vehicle market.

“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," KNG CEO Frank Düpre said in a statement.

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