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Barnes Group Inc. Names Edmund M. Carpenter President and CFO

8 December 1998

Barnes Group Inc. Names Edmund M. Carpenter President and Chief Executive Officer


    BRISTOL, Conn.--Dec. 8, 1998--Barnes Group Inc. today announced that Edmund M. Carpenter has been named president and chief executive officer, effective immediately. He also has been elected to the company's board of directors. He succeeds Theodore E. Martin who, as previously announced, has retired as president, CEO and a director of Barnes Group.
    Prior to joining Barnes Group, Mr. Carpenter, 56, was a senior managing director at the New York private investment firm of Clayton, Dubilier & Rice. He also serves on the boards of directors of Campbell Soup Company, Inc.; Dana Corporation; and Texaco, Inc. He previously has served as chairman and CEO of General Signal Corporation and president and chief operating officer of ITT Corporation.
    Thomas O. Barnes, chairman of the board of directors of Barnes Group, said: "We are very pleased that Ed Carpenter has joined Barnes Group as president and chief executive officer. During his distinguished career, Ed has demonstrated that he is a strong leader with a clear vision. His management skills, technological expertise and considerable experience will suit him well for the opportunities and challenges that lie ahead for Barnes Group."
    "In recent years, Barnes Group has achieved record levels of sales and profitability and is positioned for a new era of growth as a leader in distribution and manufacturing worldwide," Mr. Barnes continued. "We wish Ted Martin well in his future endeavors and thank him, once again, for his contribution to the company's continued success."
    Mr. Carpenter said: "I am very excited about this opportunity to help write the next chapter in the long, proud history of Barnes Group. I am impressed with the company's management team and portfolio of businesses. I believe the company's prospects for future growth are outstanding, and I intend to focus on continuing to deliver superior value to our customers and shareholders by expanding our existing markets, introducing new products and pursuing appropriate acquisition opportunities."
    Mr. Carpenter served as chairman and CEO of General Signal, a leading manufacturer for the process control, electrical and industrial technology industries, from 1988 to 1995. Prior to joining General Signal, Mr. Carpenter held a series of high level positions at ITT Corporation, culminating with his appointment in 1987 as president and COO. He also has held senior management roles at Fruehauf Corporation, Touche Ross & Company, and Michigan Bell Telephone Company.
    He has a bachelor of science degree in industrial engineering and a master of business administration degree from the University of Michigan. A native of Toledo, Ohio, he currently resides in Greenwich, Connecticut.
    Barnes Group Inc. (http://www.barnesgroupinc.com) is a $650 million diversified international company headquartered in Bristol, Connecticut. 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 operating supplies to industrial and transportation markets.