Barnes Group Inc. Provides Business Update Related to COVID-19 Impact

Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today announced that given the unprecedented end market environment and the significant macroeconomic disruption brought on by the global COVID-19 pandemic, the Company is withdrawing its full year 2020 sales, earnings, and other outlook provided on February 24, 2020.

“Rapidly evolving business conditions and heightened levels of uncertainty make it prudent to withdraw our current guidance,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “As a Company, our primary concern is the safety and well-being of our employees and their families, our customers, and our suppliers. While much of our global manufacturing of essential systems and components continues at reduced levels, the current situation is very dynamic, and visibility of future operations is challenged,” added Dempsey. “In the meantime, we’ll continue to work in close collaboration with our customers and suppliers to support them in this dynamic environment.”

Barnes Group is in a solid financial position with sufficient liquidity to navigate through today’s challenging business. environment. The Company has liquidity of approximately $400 million consisting of cash of approximately $120 million and undrawn revolving credit facility of approximately $280 million. The Company is in full compliance with all covenants under the revolving credit facility which matures in February 2022. Management continues to monitor developments on a continuing basis and has taken proactive measures to reduce costs and manage working capital.

The Company will provide an update of its business operations and environment on its first quarter 2020 earnings call scheduled for April 24, 2020.

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.