Barnes Group Inc. Enters Long-term Agreement With GE Aviation for Manufacture of Leap Engine Program Components
September 16 2020 - 8:51AM
Business Wire
- Increases Production Share for Select Parts on LEAP Engine
Programs
- Extends Term of Previous Agreements by 10 Years for Select
Parts
- Expands Portfolio of Products on LEAP Engines
- Estimated Incremental Sales Value of Over $700M Through
2032
Barnes Aerospace, a business unit of Barnes Group Inc. (NYSE:
B), today announced that it has entered into a long-term agreement
with GE Aviation, a unit of the General Electric Corporation (NYSE:
GE) for the manufacture of components for the LEAP engine program.
Barnes Aerospace will leverage its expertise and technology in the
machining and assembly of complex hot-section engine
components.
“As a result of Barnes Aerospace’s commitment to drive
innovation resulting in industry-leading technical, quality and
manufacturing capabilities, Barnes Aerospace has been selected as a
key supplier on LEAP engine programs,” said Mike Beck, Senior Vice
President, Barnes Group Inc. and President, Barnes Aerospace. “We
are delighted to expand and extend our participation on these
programs and are driving flawless execution through our Barnes
Enterprise System. GE’s willingness and confidence to place
additional LEAP business and extend long-term contracts with Barnes
Aerospace is testament to our excellent, long-standing
relationship.”
About Barnes Aerospace
Barnes Aerospace is a global provider of complex fabricated and
precision-machined components and assemblies for OEMs of turbine
engines, nacelles, airframes and industrial gas turbines, and the
military. In addition, Barnes Aerospace provides aircraft engine
component MRO services for many of the world's major turbine engine
manufacturers, commercial airlines and the military and also
manufactures and delivers aftermarket spare parts.
About Barnes Group
Barnes Group Inc. (NYSE: B) is a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, serving a wide range of end markets and
customers. Its specialized products and services are used in
far-reaching applications including aerospace, transportation,
manufacturing, automation, healthcare, and packaging. Barnes
Group’s skilled and dedicated employees around the globe are
committed to the highest performance standards and achieving
consistent, sustainable profitable growth. For more information,
visit www.BGInc.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements address our expected future operating
and financial performance and financial condition, and often
contain words such as "anticipate," "believe," "expect," "plan,"
"strategy," "estimate," "project," and similar terms. These
forward-looking statements do not constitute guarantees of future
performance and are subject to a variety of risks and uncertainties
that may cause actual results to differ materially from those
expressed in the forward-looking statements. These include, among
others: the ongoing impacts of the COVID-19 pandemic on our
business, including on demand, supply chain and operations and the
industries and customers that we serve; uncertainties relating to
conditions in financial markets; future financial performance of
the industries or customers that we serve; risks associated with
international sales and operations; the ability to maintain
adequate liquidity and financing sources; and general economic
conditions affecting the industries we serve. A detailed discussion
of these and other factors that may affect our future results is
contained in Barnes Group Inc.’s filings with the U.S. Securities
and Exchange Commission, including its most recent reports on Form
10-K, 10-Q, and 8-K. The Company assumes no obligation to update
our forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200916005622/en/
Barnes Group Inc. William Pitts Director, Investor Relations
860.583.7070
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