Barnes Distribution Signs Subcontract Agreement With ProcureNet/SPS.Business/Technology Editors BRISTOL, Conn.--(BUSINESS WIRE)--June 7, 2001 Barnes Distribution, a business unit of Barnes Group Inc. (NYSE NYSE See: New York Stock Exchange : B), today announced the signing of a subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts agreement with ProcureNet/Strategic Procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. Services, Inc. (ProcureNet/SPS) as a second-tier supplier of automotive maintenance, repair and operating (MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" repair parts to U.S. military installations. In May 2000, ProcureNet/SPS was awarded a contract covering three U.S. regions for the Fleet Automotive Support Initiative (FASI FASI Fondo Assistenza Sanitaria Integrativa (Rome, Italy) FASI Fellow of the Architecture and Surveying Institute (UK) ) by the Defense Supply Center Columbus (DSCC DSCC Democratic Senatorial Campaign Committee DSCC Defense Supply Center Columbus (US DoD) DSCC Dyersburg State Community College (Dyersburg, TN) ) to provide materials and logistics support for military automotive vehicle fleets used at U.S. Federal government installations. ProcureNet/SPS supports OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and product requirements under the FASI contract and will utilize Barnes Distribution's Mechanics Choice(R) products to service the automotive maintenance, repair and operating (MRO) consumable items. Through this agreement, Barnes Distribution can help the military reduce man-hours associated with managing and maintaining low-cost, high-usage MRO consumable items by increasing turn-around time on equipment repairs, decreasing repair cycle time, and provide 100 percent product availability where it is needed. "Barnes Distribution will support the FASI program by providing the military with automotive MRO consumable repair parts faster and cheaper than the military could otherwise obtain them," said A. Keith Drewett, President, Barnes Distribution. "This agreement with ProcureNet/SPS provides Barnes Distribution with a tremendous opportunity to expand our presence in automotive MRO consumable items in government procurement Government procurement, also called public tendering, is the procurement of goods and services on behalf of a public authority, such as a government agency. With 10 to 15% of GDP in developed countries, and up to 20% in developing countries, government procurement accounts ." "ProcureNet/SPS is excited about expanding our service offering under the FASI Virtual Prime Vendor contract," added Ed Regan, Vice President - Federal Programs. "We look forward to working closely with Barnes Distribution to satisfy the unique need of DoD customers." ProcureNet/SPS is the premier integrator of total supply chain management, services for U.S. Government e-commerce requirements. They have been delivering logistics and fulfillment services to the U.S. Government for 25 years and currently hold multiple, major federal procurement contracts, including several Prime Vendor Programs. ProcureNet/SPS' Internet-based enabling technology, coupled with expertise in providing material ranging from MRO to Weapon Systems, provides benefits of reduced material acquisition and inventory costs. Barnes Distribution is an industry leader in the distribution of maintenance, repair and operating (MRO) supplies, die and nitrogen gas springs and security products. Barnes Distribution services thousands of customers on four continents under the brand names of Bowman Distribution(R), Curtis Industries(R), Mechanics Choice(R), Raymond(R), Motalink(R) and Autoliaisons(R). Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal parts and distributor of industrial supplies, serving a wide range of markets and customers. Founded in 1857 and headquartered in Bristol, Connecticut Bristol is a city located in Hartford County, Connecticut, 20 miles (32 km) southwest of Hartford. According to 2006 Census Bureau estimates, the population of the city is 61,353. , Barnes Group consists of three businesses with 2000 sales of $740 million: Associated Spring, a manufacturer of precision mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer and repairer of aircraft engine and airframe components and assemblies; and Barnes Distribution, a distributor of maintenance, repair and operating (MRO) supplies. Nearly 5,500 dedicated employees at more than 50 locations worldwide contribute to Barnes Group Inc.'s success. |
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