Global Fastener News

Barnes Sets Q2 Records

John Wolz

Barnes Group Inc. reported record sales and income for the second quarter of 2004. Net sales rose 10% to $252 million and net income was up 16% to $11.3 million.
Sales at Barnes Distribution were $107.1 million for the quarter ended June 30, 2004, up 2% from the same period a year ago. Sales from Barnes Distribution’s strategic growth initiatives – newly-opened national accounts, e-commerce platforms and Tier 2 relationships with other industrial distributors – climbed to $8.5 million in the second quarter, up from $4.8 million a year ago.
Barnes Distribution generated operating profit of $5.1 million, up from $4.9 million from Q2 of 2003. The improvement in operating profit was driven primarily by $1.8 million in incremental cost synergies from the integration of Kar Products, and increased sales volume. Offsetting gains were higher freight and overtime expenses.
Sales at Barnes Aerospace were $53.3 million for the second quarter of 2004, up 31% from the second quarter of 2003. Operating profit was $5.4 million, more than double the comparable year-ago period. Barnes Aerospace orders rose 86%.
For the first six months of 2004, Barnes Group’s net sales were $499.2 million, up 11% from the same period a year ago. Net income was up 22% to $20.9 million. Web: BarnesGroupInc.com****************************************************************

The ASTM International Committee F16 on Fasteners honored Salim Brahimi with the 2004 Fred Weingruber Award for “outstanding efforts to promote and develop standards for the fastener industry, especially in the area of hydrogen embrittlement.”
Brahimi is president of IBECA Technologies Corp. of Montreal,
Quebec, Canada. He previously was with Kamax North America and Ifastgroupe.
He is a member of the Quebec Order of Professional Engineers and ASTM steel, metal coatings and mechanical testing committees.
Brahimi is part of the Canadian delegation to the fastener committee of the International Organization for Standardization and a member of American Electroplaters & Surface Finishers, ASM International, the Society of Automotive Engineers, and the Standards Council of Canada. Web: ASTM.org****************************************************************

Carol Peters was elected the first woman president of the New England Fastener Distributors Association and Joe Soja was appointed executive secretary.
Peters, has been with Atlantic Fasteners in W. Springfield, MA, for 24 years. She has been in the fastener industry for 34 years, was a NEFDA board member from 1991 to 1993 and was elected for a second term on the board in 2003. ccpeters@atlanticfasteners.com.
Gene Hendrickson of Hendrickson & O”Brien Sales is vice president and Peter Wisk, Wurth/Eastern Fastener, is treasurer.
Soja, of Durham Manufacturing Co., is also an associate board member. Bill Wisk of Phalen & Associates had been interim secretary since Pat Burbidge resigned in 2003 after 20 years as secretary.
NEFDA will hold its 25th anniversary meeting September 10-12, 2004, in Stockbridge, MA. Alan Glou will speak on “Making Good Business Great” and Jerry Posner on “How to Create Miracles in Your Life.”
For NEFDA information contact associate board member Soja. Tel: 860 529-4539 Web: NEFDA.com �2004 FastenerNews.com