Bristol aerospace and industrial component maker Barnes Group Inc. has entered into a long-term approximately $700 million agreement with GE Aviation to manufacture engine components.
The deal extends a previous agreement by 10 years, during which Barnes will provide components for the LEAP engine program at GE Aviation, a unit of Boston-based General Electric Corp.
“As a result of Barnes Aerospace’s commitment to drive innovation resulting in industry-leading technical, quality and manufacturing capabilities, Barnes Aerospace has been selected as a key supplier on LEAP engine programs,” said Mike Beck, senior vice president of Barnes Group Inc. and president of Barnes Aerospace.
The news comes about two months after Barnes announced layoffs of 400 workers in a cost-savings effort following a 13% drop in first quarter profits. For the second quarter, Barnes reported profits of $567,000, or 1 cent a diluted share, down from $37.6 million, or 73 cents, in the second quarter of 2019.
