Apr. 22, 2013, 11:02 AMBarnes Group (B -2%) says it's completed the sale of its North American distribution business to MSC Industrial Direct (MSM +0.5%), for approximately $550M in cash. As a result of the sale, B has updated FY13 guidance, saying that it will report the sold unit as discontinued operations beginning with Q1. It now expects FY13 revenue from continuing operations to grow 17% to 20% Y/Y. GAAP EPS are now anticipated to be in the range of $1.71 to $1.86. | Comment!
Feb. 22, 2013, 8:08 AMMSC Industrial Direct (MSM) agrees to acquire all assets and assume certain liabilities of the North American distribution business of the Barnes Group (B) for $550M. MSM expects the deal to be accretive to cash flow and EPS in FY2014 and 2015. Also, Barnes names COO Patrick Dempsey as its new President and CEO. | Comment!
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