Barnes Group Inc. Acquires Nitrogen Gas Springs Business From Allegheny Teledyne.

BRISTOL, Conn.--(BUSINESS WIRE)--Aug. 30, 1999--

Barnes Group Inc. (NYSE:B) announced today the completion of its acquisition of the nitrogen gas springs business of Teledyne Fluid Systems, an Allegheny Teledyne Incorporated company (NYSE: ALT), for the Associated Spring business unit of Barnes Group Inc. The purchase price is $89.7 million.

Barnes Group Inc. (http://www.barnesgroupinc.com) is a diversified international manufacturer and distributor, serving a wide range of industrial markets with precision metal parts and industrial supplies. Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group Inc. consists of three separate business units employing more than 4,000 people at 44 locations worldwide.

This release may contain certain forward-looking statements including those that discuss strategies, goals, outlook or other non-historical matters, or projected revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: changes in market demand for the types of products and services produced and sold by Barnes Group, changes in worldwide economic and political conditions, interest and foreign exchange rate fluctuations, regulatory changes, and technological changes including Y2K issues.

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