Barnes Group Inc. Declares Increased Quarterly Dividend and Announces New Share Repurchase Program
October 20 2011 - 1:49PM
Business Wire
The Board of Directors of Barnes Group Inc. (NYSE: B) today
increased the Company’s quarterly cash dividend 25 percent to ten
cents ($0.10) per share of common stock. The dividend will be
payable December 9, 2011 to shareholders of record at the close of
business on November 30, 2011. On an annualized basis, the increase
raises the annual dividend from 32 cents ($0.32) per share to 40
cents ($0.40) per share.
“This increase in our dividend reflects Barnes Group’s ongoing
recovery in our businesses,” said Gregory F. Milzcik, President and
Chief Executive Officer, Barnes Group Inc. “We continue to deliver
improved financial performance and we remain confident in the
long-term growth prospects of the Company.”
Barnes Group Inc. and its predecessor companies have paid a cash
dividend to stockholders on a continuous basis since 1934.
In addition, the Board authorized the repurchase of up to five
million shares of the Barnes Group’s common stock. Under the
authorization, the Company from time to time would repurchase
shares in the open market or through privately negotiated
transactions depending on market conditions and other relevant
factors. Barnes Group recently completed the purchase of the
remaining shares under the Company’s 2008 Stock Repurchase
Authorization.
ABOUT BARNES GROUP
Founded in 1857, Barnes Group Inc. (NYSE:B) is a diversified
global manufacturer and logistical services company focused on
providing precision component manufacturing and operating service
support. The Barnes Group’s more than 4,800 dedicated employees, at
more than 60 locations worldwide, are committed to achieving
consistent and sustainable profitable growth. For more information,
visit www.BGInc.com. Barnes Group, the Critical Components
People.
Forward-Looking Statements
This release may contain certain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are made based upon management's good
faith expectations and beliefs concerning future developments and
their potential effect upon the Company and can be identified by
the use of words such as "anticipated," "believe," "expect,"
"plans," "strategy," "estimate," "project," and other words of
similar meaning in connection with a discussion of future operating
or financial performance. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those expressed in the forward-looking
statements. The risks and uncertainties, including whether the
transaction proposed by Berner SE will be consummated and others
described in our periodic filings with the Securities and Exchange
Commission, include, among others, uncertainties arising from the
current or worsening disruptions in financial markets; future
financial performance of the industries or customers that we serve;
changes in market demand for our products and services; integration
of acquired businesses; restructuring costs or savings; the impact
of the proposed acquisition of the BDE businesses by Berner SE and
any other future strategic actions, including acquisitions, joint
ventures, divestitures, restructurings, or strategic business
realignments, and our ability to achieve the financial and
operational targets set in connection with any such actions;
introduction or development of new products or transfer of work;
changes in raw material or product prices and availability; foreign
currency exposure; our dependence upon revenues and earnings from a
small number of significant customers; a major loss of customers;
the outcome of pending and future claims or litigation or
governmental, regulatory proceedings, investigations, inquiries,
and audits; uninsured claims and litigation; outcome of
contingencies; future repurchases of common stock; future levels of
indebtedness; and numerous other matters of global, regional or
national scale, including those of a political, economic, business,
competitive, environmental, regulatory and public health nature.
The Company assumes no obligation to update our forward-looking
statements.
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