Barnes Says Will Close Associated Spring Plant in Saline, MI; Will Update FY14 Guidance During Next Qtr. Call

Barnes Group Inc. (NYSE: B), an international industrial and aerospacemanufacturer and service provider, today announced the planned closure ofproduction operations at its Associated Spring facility located in Saline,Michigan.The Saline production operations, which include approximately 50 employees,primarily manufacture certain automotive engine valve springs, a highlycommoditized product. Based on changing market dynamics and increased customerdemands for commodity pricing, several customers advised the Company of theirintent to transition these specific springs to other suppliers, which led tothe decision to close production operations in Saline. The closure is expectedto be completed mid-year 2014.The 2014 pretax charges associated with the closure of the productionoperations are estimated to be approximately $8 million, with about half ofthis amount expected to be recorded in the first quarter. Of this totalamount, approximately $3 million relates to employee termination costs,primarily severance and pension costs. The balance relates to other costsassociated with the closure of the production operations. Approximately $6million of the $8 million in pretax charges is expected to result in futurecash expenditures.These charges are not included in the Company's 2014 full-year outlookprovided on February 21, 2014 which was current only as of the date provided.The Company plans to update its 2014 full-year outlook during the nextquarterly earnings call, which is anticipated to take place in late April2014.