R&B, INC. SIGNS LETTER OF INTENT TO ACQUIRE PIONEER DIVISION OF BARNES GROUP, INC.
COLMAR, Pa., Nov. 20 ~PRNewswire~ -- R&B, Inc. (NASDAQ: RBIN) today announced that it has signed a "Letter of Intent" to acquire the Pioneer Division of Barnes Group, Inc. (Pioneer). Pioneer, based in Meridian, Miss., is a nationwide distributor of automotive replacement parts, primarily to clutch, engine and water pump rebuilder markets. Pioneer's net sales for 1991 were approximately $28 million. Pioneer has regional distribution centers in New Jersey, Illinois and California. Pioneer was acquired in 1979 by the Barnes Group, Inc. (NYSE: B), a Fortune 500 company with annual sales in excess of $500 million. Barnes has indicated that although Pioneer is a solid, profitable business, it is a stand-alone business that offers little strategic fit with Barnes' industrial distribution business. R&B, Inc. designs and markets replacement parts for the automotive aftermarket. These parts are sold to retailers, wholesalers, and others throughout North America for use in the repair and maintenance of domestic and foreign cars and trucks. R&B's parts are marketed under more than 20 proprietary brand names, including HELP!(R) and MIGHTY- LIFT!(R), as well as under the private labels of automobile manufacturers, parts manufacturers and national wholesale distributors. The acquisition is subject to approval of both companies' boards of directors and normal closing conditions. Closing is anticipated before Dec. 31, 1992. ~delval~ -0- 11~20~92 ~CONTACT: Richard Berman, president of R&B, 215-997-1800~ (RBIN B)
CO: R&B, Inc.; Barnes Group, Inc. ST: Pennsylvania IN: SU: TNM MJ-CC -- PH001 -- 3224 11~20~92 07:45 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 20, 1992|
|Previous Article:||PITTSBURGH ECONOMIC INDEX STUMBLES FOR NINTH CONSECUTIVE MONTH|
|Next Article:||BWIP HOLDING INC. DECLARES FOURTH QUARTER DIVIDEND|