Bristol manufacturer Barnes Group Inc., hurt by slumping orders from the automotive and aerospace markets, cut its quarterly dividend in half, to 8 cents a share.
The dividend will be paid Sept. 10 to shareholders of record at the close of business on Aug. 31.
Barnes is expected to show a decline in second-quarter sales and earnings when results are released on Aug. 3.
CEO Greg Milzcik said the dividend reduction will preserve capital the company can use to pay down debt and position the company for future growth.
Ongoing delays with Boeing’s new 787 jetliner and weak automobile sales have hurt demand for Barnes’ products.
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The company recently got a $35 million unsecured credit line from Wells Fargo Bank for working capital.
