Barnes Group Inc. Announces an Extension of its Odd-Lot Buyback Program.BRISTOL, Conn.--(BUSINESS WIRE)--Oct. 26, 1998--Terry M. Murphy, Senior Vice President-Finance, today announced that due to a positive response from its shareholders, Barnes Group Inc. (NYSE NYSE See: New York Stock Exchange :B) will extend its Odd-Lot Buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may Program to run from October 27, 1998 to November 20, 1998. Under this voluntary program, stockholders who own fewer than 100 shares of Barnes Group Inc. Common Stock may sell their shares back to the Company by mail without paying any brokerage commission. Shares held in the Company's Dividend Investment Plan are also eligible for sale, while those held in the Company's employee plans such as the Guaranteed Stock Guaranteed Stock Common or preferred stock whose dividends are guaranteed. Notes: This guarantee gives the stock a higher value. See also: Blue Chip, Common Stock, Dividend, Dividend Yield, Preferred Stock guaranteed stock Plan or the Employee Stock Purchase Plan are not eligible for sale under this Program. "Neither Barnes Group Inc. nor the Program Manager, ChaseMellon Shareholder Services, L.L.C., makes any recommendation as to whether or not shareholders should participate in the Program," said Murphy. Shareholders who have questions may call the Program Manager, ChaseMellon Shareholder Services, L.L.C., at 1-800-953-2497 (continental U.S.) or 212-273-8293 or Holly V. LeBlanc, Shareholder Relations Manager, at the Company's Executive Office at 860-583-7070 ext. 185. Barnes Group Inc. (http://www.barnesgroupinc.com) is a $650 million diversified diversified (di·verˑ·s international company headquartered in Bristol, CT. It is a leading manufacturer of complex metal components and precision springs for industrial, automotive and aerospace markets and a major distributor of maintenance, repair and replacement 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. products to industrial and transportation markets. For further information on Barnes Group Inc., please call our FAX-On-Demand Service at 800-311-4606. For Barnes Group Inc. news on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , see http://www.barnesgroupinc.com or http://www.businesswire.com/cnn |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion