BRISTOL - The Barnes Group hit an all-time market high Wednesday, the same day senior management rang the closing bell at the New York Stock Exchange to celebrate the company’s 160th anniversary.
Director of Investor Relations William Pitts explained they honored their company’s longevity and history while the Chairman of the Board Thomas O. Barnes and President Patrick J. Dempsey rang the closing bell of the NYSE.
“It’s an exciting event and coincidentally the stocks are at an all-time high today - for as far back as records go - at $60.94. It’s nice to celebrate the event and anniversary when it’s at a high. The company is valued at about $3.3 billion,” Pitts added.
Pitts explained that the company is bringing highly engineered products to the market, but the "core function is still manufacturing."
“It’s thought that the company could become a $5 billion company by the end of the decade,” chairman’s son, Thomas Barnes Jr. said.
According to Barnes Jr. his father’s company is growing rapidly and being reinvented as they now move into engineering too. He also stated that their aerospace division is expanding and rapidly growing.
“We are making components that go into systems, for example in the aerospace division we make component parts that go into Boeing jets, which are highly engineered parts,” Pitts said. “We help the customer determine the best way to manufacture a product, then manufacture it.”
Right now at the location in Bristol, springs for high-speed transmissions are being engineered to increase efficiency for gas mileage and also being developed at the location, according to Pitts.
Since it was established, the company developed into a global industrial and aerospace manufacturer with 35 distribution and manufacturing facilities around the world and about 4,200 employees worldwide, according to Barnes Jr.
“It’s an honor to ring the closing bell because the company turns 160 years old and is doing very well. It’s at a high today,” Barnes Jr. said. “My father has known for a while that he would ring the bell. They typically do that for events like the anniversary.”
The last price of the day for the Barnes Group was $61.07.
Lorenzo Burgio can be reached at email@example.com.
The company was established in 1857 by Wallace Barnes as a metal parts shop, and began with manufacturing hoop-skirt springs and clock springs in Bristol, where the headquarters is currently located.
“From our modest beginning in Connecticut, to our present day worldwide operations, the company’s transformational journey continues to reshape the organization in ways that provide advanced solutions and innovative products to our customers, career growth opportunities to our employees, and financial rewards to our shareholders,” Dempsey said in a press release.