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B > SEC Filings for B > Form 8-K on 14-Mar-2014All Recent SEC Filings

Show all filings for BARNES GROUP INC

Form 8-K for BARNES GROUP INC


14-Mar-2014

Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure


Item 2.05 Costs Associated with Exit or Disposal Activities.

On March 14, 2014, Barnes Group Inc. (the "Company") authorized the closure of production 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 highly commoditized product. Based on changing market dynamics and increased customer demands for commodity pricing, several customers advised the Company of their intent to transition these specific springs to other suppliers, which led to the decision to close production operations in Saline. The closure is expected to be completed mid-year 2014.

The 2014 pretax charges associated with the closure of the production operations are estimated to be approximately $8 million, with approximately half of this amount expected to be recorded in the first quarter. Of this total amount, approximately $3 million relates to employee termination costs, primarily severance and pension costs. The balance relates to other costs associated with the closure of the production operations. Approximately $6 million of the $8 million in pretax charges is expected to result in future cash expenditures.



Item 7.01 Regulation FD Disclosure.

On March 14, 2014, the Company issued a press release describing the closure of production operations at its Associated Spring facility located in Saline, Michigan. A copy of the press release is attached hereto as Exhibit 99.


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