Barnes Group Profile
Barnes Group Inc. (Barnes) leverages world-class manufacturing capabilities and market-leading engineering to develop advanced processes, automation solutions, and applied technologies for industries ranging from aerospace and medical and personal care to mobility and packaging.
Strategy
The company's strategy has evolved to focus on three critical priorities to unlock the full potential of Barnes' enterprise value, such as a drive core business execution through Top Line, Bottom Line & Pipeline Growth; scale its Aerospace Business; and integrate, consolidate and rationalize its industrial business.
Structure
The company operates under two global business segments: Aerospace and Industrial.
The Aerospace segment includes the Original Equipment Manufacturing (OEM) business and the Aftermarket business, which includes maintenance repair and overhaul (MRO) services and the manufacture and delivery of aerospace aftermarket spare parts.
The Industrial segment includes the Molding Solutions, Automation and Motion Control Solutions (MCS) business units.
Aerospace
Aerospace is a global manufacturer of complex fabricated and precision-machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component MRO services, including services performed under the company's Component Repair Programs (CRPs), for many of the world's major turbine engine manufacturers, commercial airlines and the defense market. The Aerospace Aftermarket business also manufactures and delivers aftermarket spare parts and participates in revenue sharing programs (RSPs) under which the company has an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs.
Aerospace's OEM business offers a comprehensive range of in-house manufacturing solutions and capabilities, including components and assemblies. The applications for these components primarily include engines, airframes and nacelles. Aerospace's fabrication and machining operations, with facilities in Connecticut, Malaysia, Michigan, Ohio, Utah, Poland, the United Kingdom and Singapore, produce critical engine, nacelle and airframe components through technologically advanced manufacturing processes.
The manufacture and supply of aerospace aftermarket spare parts, including those related to the RSPs, are dependent upon the reliable and timely delivery of high-quality components. Aerospace's Aftermarket facilities, located in Connecticut, Ohio, Singapore and Taiwan, specialize in the repair and refurbishment of highly engineered components and assemblies, such as cases, rotating life limited parts, rotating air seals, turbine shrouds, vanes and honeycomb air seals. Aerospace Aftermarket's facility in Malaysia focuses on the supply of spare parts. For additional information regarding net sales by geographic area. Sales by Aerospace to its largest customer, General Electric (GE), accounted for approximately 49% of its total sales in 2023. Sales to its next four largest customers in 2023 collectively accounted for approximately 15% of its total sales.
Industrial
The Industrial segment is a global provider of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as industrial equipment, automation, personal care, packaging, electronics, mobility and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. The Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. The MCS business provides force and motion control solutions for a wide range of metal forming and other industrial markets and manufactures and supplies precision mechanical products used in mobility and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components.
Research and Development
The company's research and development expenses for the creation of new and improved products, processes and services were $13,920 for the year 2023.
Governmental Regulations and Environmental Matters
The company is subject to laws and regulations related to anti-corruption such as the U.S. Foreign Corrupt Practices Act, data privacy and security laws, such as the European Union's General Data Protection Regulation, and regulations relating to import-export control. A portion of the company's products, including defense-related products, may require governmental licenses. Additionally, the company's the U.S. government contracts are generally subject to Federal Acquisition Regulations (FAR), agency-specific regulations that implement or supplement FAR, and other applicable laws and regulations which impose a broad range of requirements, many of which are unique to government contracting. These include various procurement, import and export, security, disclosure of cost and pricing data, contract termination and adjustment, and audit requirements. Moreover, climate change and other Environmental Safety and Governance-related (ESG) laws, regulations, treaties, and similar initiatives and programs are being adopted and implemented throughout the world, many with which the company will be required to comply.
History
Barnes Group Inc. was founded in 1857. The company was incorporated in 1925.
