Bristol-based Barnes Group Inc. said today it has exited certain businesses in the United Kingdom to improve the performance of its European operations.
Its U.K. Motalink unit, which uses a van fleet to market automotive maintenance and repair parts, was sold. Barnes’ 1973 purchase of Motalink launched its U.K. operations, according to the company’s Web site.
Also sold, Barnes said, were certain assets of its U.K. business selling products and services direct to car dealerships, and a systems business and catalog unit. Buyers and terms and were not disclosed. All were based in Corsham, England.
Collectively, the businesses contributed about $20 million in 2007 sales to Barnes Group, the company said.
Barnes’ logistics and manufacturing services management team in Europe is also vacating the Corsham facility, eliminating the telesales and back office functions there.
Two other Barnes Group U.K. businesses, the Toolcom U.K. automotive handtools unit, and the Kent U.K automotive supplies operation, are not affected, the parent said. The Dunfermline U.K. site will continue to support the Toolcom and Kent businesses.
Barnes said the reorganization will result in a fourth-quarter, pretax charge of about $3.7 million.
Barnes manufactures aerospace and industrial components and provides logistical services.
At 10:30 a.m., Barnes’ shares traded at $14.79, up 50 cents, or 3.5 percent.
