Martin to retire from Barnes Group

By Staff -- Industrial Distribution, 10/1/1998

Bristol, Conn.--Theodore E. Martin, president and chief executive officer of Barnes Group Inc., intends to retire by the end of the year. His election as president and chief executive officer in April 1995 made him the third CEO outside the Barnes family to lead the company since it was founded in 1857. Barnes Group is the parent company of Bowman Distribution, which is headed by Leonard Carlucci.

Barnes' board of directors has appointed a special committee to oversee the search for a new chief executive.

Martin is credited with orchestrating a successful turnaround of the Associated Spring business group and leading the entire company through eight consecutive quarters of record-breaking earnings. The total value of the firm -- a manufacturer of complex metal components and precision springs and a distributor of MRO products -- increased by $280 million during Martin's three-year tenure.

"It is with a sense of accomplishment and pride that I have decided this is the appropriate time to begin an orderly transition to a new chief executive who will guide the company into the next millennium," Martin said. "[The management team is] focused on assuring Barnes Group's growth by expanding markets and introducing new products in our existing operations while aggressively pursuing appropriate acquisition opportunities."

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