Barnes Aerospace, a business segment of Barnes Group Inc. (B), a manufacturer of aerospace and industrial products, on Monday said it inked a new aftermarket Revenue Sharing Program with General Electric Company (GE).
Under the agreement, Barnes Aerospace gets exclusive right to supply aftermarket spare parts for the CFM56, CF6 and GE90 engine families for the life of the related engine program.
The Bristol, Connecticut-based Barnes said the CFM56 engine powers short, medium and long-range aircraft. Twelve different aircraft models are powered by the CFM56 including the Boeing 737 and the Airbus A320 family of aircraft.
The CF6 engine is currently used on multiple wide-body aircraft models including the Boeing 747, Boeing 767, DC-10, MD-11 and Airbus A300, A310 and A330 aircraft series. And the GE90 engines power new more advanced Boeing 777 aircraft capable of flying farther, faster and more efficiently than their predecessors.
"Barnes Aerospace continues to diversify and balance its business portfolio by identifying and entering into aftermarket RSP agreements on successful engine programs with our OEM customers," said Patrick J. Dempsey, President, Barnes Aerospace.
B is currently trading at $32.01, up $0.33 or 1.04% on a volume of 21K shares.
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