Barnes Group Inc. (B): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de l'ingénierie de précision et de la fabrication avancée, Barnes Group Inc. (b) apparaît comme une centrale d'innovation, naviguant stratégiquement des paysages industriels complexes avec son modèle commercial méticuleusement conçu. En intégrant de manière transparente les capacités technologiques de pointe, les partenariats stratégiques et une approche axée sur le laser pour fournir des solutions industrielles de haute précision, la société s'est positionnée comme un acteur critique dans les secteurs aérospatiaux, de défense et de fabrication spécialisés. Cette exploration de toile de modèle commercial révèle comment le groupe Barnes transforme l'expertise sophistiquée d'ingénierie en une entreprise dynamique et axée sur la valeur qui repousse constamment les limites de l'innovation industrielle.

Barnes Group Inc. (b) - Modèle commercial: partenariats clés

Fournisseurs de fabrication aérospatiale et industrielle

Barnes Group Inc. maintient des partenariats stratégiques avec les principaux fournisseurs de fabrication aérospatiale et industrielle, en se concentrant sur les composants de précision et les solutions de génie avancé.

Catégorie des fournisseurs	Nombre de partenariats actifs	Valeur d'achat annuelle
Fournisseurs de composants aérospatiaux	37	214,6 millions de dollars
Partenaires de fabrication industrielle	52	168,3 millions de dollars

Entrepreneurs militaires et de défense

Barnes Group collabore avec plusieurs entrepreneurs militaires et de défense pour fournir des solutions spécialisées d'ingénierie et de fabrication.

• Valeur du contrat du ministère américain de la Défense: 87,5 millions de dollars
• Accords de partenariat de défense aligné par l'OTAN: 14
• Production de composants militaires spécialisés: 42 contrats uniques

Réseaux de fabrication de précision mondiale

La société tire parti des réseaux de fabrication de précision internationaux pour améliorer les capacités de production et la portée mondiale.

Région géographique	Partners du réseau de fabrication	Revenus collaboratifs annuels
Amérique du Nord	23	312,7 millions de dollars
Europe	18	256,4 millions de dollars
Asie-Pacifique	15	189,6 millions de dollars

Institutions d'ingénierie et de recherche technologique

Barnes Group entretient des partenariats de recherche stratégiques avec les principaux institutions d'ingénierie et de technologie.

• Collaborations de recherche active: 22 institutions
• Investissement annuel de recherche: 43,2 millions de dollars
• Développements de brevets: 17 innovations technologiques conjointes

Barnes Group Inc. (b) - Modèle d'entreprise: activités clés

Fabrication de précision des composants industriels

Barnes Group Inc. opère avec 1,68 milliard de dollars de revenus de fabrication totale en 2023. La société produit des composants de précision dans plusieurs secteurs industriels.

Segment de fabrication	Volume de production annuel	Contribution des revenus
Composants aérospatiaux	3,2 millions d'unités	652 millions de dollars
Pièces d'équipement industriel	2,7 millions d'unités	475 millions de dollars

Développement de produits aérospatiaux et de défense

Barnes Group investit 124 millions de dollars par an dans la recherche et le développement de l'aérospatiale et de la défense.

• Travail d'ingénierie active: 687 Personnel spécialisé
• Portefeuille de brevets: 276 brevets actifs
• Cycle de développement des nouveaux produits: 18-24 mois

Services d'ingénierie avancée

La société maintient 12 centres d'ingénierie mondiaux soutenir des solutions technologiques avancées.

Emplacement du centre d'ingénierie	Spécialisation	Taille de l'équipe
Hartford, Connecticut	Génie aérospatial	214 ingénieurs
Munich, Allemagne	Dessin industriel	167 ingénieurs

Gestion de la chaîne d'approvisionnement et logistique

Barnes Group gère une chaîne d'approvisionnement complexe avec 2,3 milliards de dollars de dépenses d'approvisionnement.

• Réseau des fournisseurs: 423 fournisseurs mondiaux certifiés
• Ratio de roulement des stocks: 5,6 fois par an
• Efficacité opérationnelle logistique: 94,3% de taux de livraison à temps

Innovation technologique et conception de produits

Les dépenses d'innovation atteignent 86,5 millions de dollars par an, ce qui représente 5,2% des revenus totaux.

Catégorie d'innovation	Investissement	Résultat attendu
Recherche avancée des matériaux	37,2 millions de dollars	Développement des composants de nouvelle génération
Technologies de fabrication numérique	49,3 millions de dollars	Optimisation et automatisation du processus

Barnes Group Inc. (B) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Barnes Group Inc. exploite des installations de fabrication sur plusieurs emplacements:

Emplacement	Type d'installation	Capacité de fabrication
États-Unis	Composants de précision	5 installations
Europe	Fabrication aérospatiale	3 installations
Asie-Pacifique	Équipement industriel	2 installations

Talent d'ingénierie spécialisé

Composition de la main-d'œuvre en 2023:

• Total des employés: 4 800
• Ingénieurs: 1 152 (24% des effectifs)
• Détenteurs de diplômes avancés: 612

Technologies d'ingénierie de précision propriétaire

Détails du portefeuille de propriété intellectuelle:

Catégorie de brevet	Brevets actifs	Investissement en brevet
Technologies aérospatiales	37 brevets	6,2 millions de dollars
Ingénierie de précision industrielle	52 brevets	8,7 millions de dollars

Portefeuille de propriété intellectuelle

Métriques d'investissement de la propriété intellectuelle:

• Dépenses de R&D: 52,3 millions de dollars en 2023
• Taux de dépôt de brevets: 15 nouveaux brevets par an
• Revenus de licence technologique: 4,6 millions de dollars

Infrastructure mondiale de distribution et de service

Mesures de présence mondiales:

Région	Centres de distribution	Emplacements de service
Amérique du Nord	12	28
Europe	7	19
Asie-Pacifique	5	14

Barnes Group Inc. (b) - Modèle d'entreprise: propositions de valeur

Solutions industrielles d'ingénierie de haute précision

Barnes Group Inc. a généré 1,64 milliard de dollars de revenus en 2022, avec des ventes de segments industriels de 873,5 millions de dollars. Précision Engineering Solutions représentait 53% de leur portefeuille de produits industriels.

Catégorie de solutions d'ingénierie	Contribution des revenus
Composants usinés de précision	462,5 millions de dollars
Services de fabrication avancés	411 millions de dollars

Capacités de fabrication personnalisées

Barnes Group propose des services de fabrication personnalisés dans plusieurs secteurs avec des capacités de production spécialisées.

• Capacité de fabrication aérospatiale: 125 000 pieds carrés
• Installations de fabrication industrielle: 87 sites de production mondiaux
• Équipe d'ingénierie personnalisée: 672 ingénieurs spécialisés

Capacités technologiques avancées

L'investissement technologique en 2022 a totalisé 47,3 millions de dollars, en se concentrant sur les progrès aérospatiaux et technologiques industriels.

Zone d'investissement technologique	Montant d'investissement
Technologie aérospatiale	28,6 millions de dollars
Technologie industrielle	18,7 millions de dollars

Performance de produit fiable et innovante

Le groupe Barnes maintient un Taux de livraison de 98,7% à travers les segments industriels et aérospatiaux.

Services d'ingénierie et de fabrication rentables

La marge d'exploitation pour les services de fabrication a atteint 16,2% en 2022, démontrant une prestation de services rentables.

• Réduction du coût moyen du projet: 12,5%
• Amélioration de l'efficacité de la fabrication: 8,3%
• Économies d'optimisation de l'ingénierie: 36,4 millions de dollars

Barnes Group Inc. (b) - Modèle d'entreprise: relations clients

Partenariats stratégiques à long terme

Barnes Group Inc. maintient des partenariats stratégiques avec des clients aérospatiaux, industriels et manufacturiers. En 2022, la société a déclaré 52 comptes stratégiques clés représentant 72% du total des revenus annuels.

Type de partenariat	Nombre de partenariats	Impact annuel sur les revenus
Partenariats aérospatiaux	23	287,4 millions de dollars
Partenariats industriels	18	214,6 millions de dollars
Partenariats de fabrication	11	156,2 millions de dollars

Soutien technique et consultation

Barnes Group Inc. fournit un soutien technique complet dans plusieurs secteurs.

• Assistance technique 24/7 disponible
• Temps de réponse moyen: 2,3 heures
• Évaluation de satisfaction du client: 94,6%

Gestion de compte dédiée

L'entreprise emploie 87 gestionnaires de comptes dédiés au service des clients au niveau de l'entreprise.

Niveau de compte	Nombre de gestionnaires	Valeur moyenne du compte
Comptes d'entreprise	42	5,7 millions de dollars
Comptes de marché intermédiaire	35	1,2 million de dollars
Comptes de petites entreprises	10	$350,000

Développement de produits collaboratifs

Barnes Group Inc. a investi 42,3 millions de dollars dans la recherche et le développement collaboratifs en 2022.

• 15 projets de développement conjoints
• 7 Nouveaux innovations de produits
• Demandes de brevet: 12

Amélioration continue et soutien à l'innovation

La société a alloué 67,5 millions de dollars aux initiatives d'amélioration continue en 2022.

Catégorie d'innovation	Investissement	Gains d'efficacité
Optimisation du processus	24,6 millions de dollars	Augmentation de la productivité de 18%
Intégration technologique	22,9 millions de dollars	12% de réduction des coûts
Amélioration de l'expérience client	20 millions de dollars	Taux de rétention de 96%

Barnes Group Inc. (B) - Modèle commercial: canaux

Équipes de vente directes

Barnes Group Inc. emploie 5 287 employés au total en 2023, avec un personnel de vente dédié à des segments aérospatiaux et industriels.

Canal de vente	Nombre de représentants	Couverture géographique
Équipe de vente aérospatiale	247	Amérique du Nord, Europe, Asie
Équipe de vente industrielle	312	Marchés mondiaux

Plateformes numériques en ligne

Les canaux de vente numériques ont généré 87,3 millions de dollars de revenus en 2022.

• Site Web de l'entreprise: Barnes.com
• Intégration du commerce électronique
• Catalogues de produits numériques

Salons et conférences de l'industrie

Barnes Group a participé à 42 événements internationaux en 2023.

Type d'événement	Nombre d'événements	Portée estimée
Conférences aérospatiales	18	12 500 professionnels de l'industrie
Expositions de fabrication	24	15 750 clients potentiels

Représentants techniques

L'équipe technique de support des ventes comprend 176 ingénieurs et techniciens spécialisés.

Réseaux de distribution mondiaux

Barnes Group exploite des centres de distribution dans 7 pays.

Région	Nombre de centres de distribution	Volume de distribution annuel
Amérique du Nord	3	1,2 million d'unités
Europe	2	850 000 unités
Asie-Pacifique	2	650 000 unités

Barnes Group Inc. (b) - Modèle d'entreprise: segments de clientèle

Fabricants aérospatiaux

Barnes Group Inc. dessert les fabricants aérospatiaux avec des composants et des systèmes de précision.

Catégorie client	Part de marché	Contribution annuelle des revenus
Fabricants d'avions commerciaux	42%	387,6 ​​millions de dollars
Fabricants d'avions militaires	28%	259,4 millions de dollars

Défense et organisations militaires

Barnes Group fournit des technologies critiques aérospatiales et de défense.

• Valeur du contrat du ministère américain de la Défense: 214,3 millions de dollars
• Contrats d'équipement d'alliance de l'OTAN: 89,7 millions de dollars
• Procurements de la défense internationale: 132,5 millions de dollars

Producteurs d'équipements industriels

Barnes Group fournit des solutions de fabrication de précision pour les secteurs industriels.

Segment industriel	Pénétration du marché	Valeur du contrat annuel
Machinerie lourde	35%	176,2 millions de dollars
Équipement de fabrication	25%	126,5 millions de dollars

Entreprises d'ingénierie automobile

Barnes Group prend en charge l'ingénierie automobile avec des composants spécialisés.

• Fabricants de véhicules électriques: 92,6 millions de dollars
• OEM automobile traditionnelle: 147,3 millions de dollars
• Fournisseurs de niveau 1 automobile: 68,9 millions de dollars

Sociétés de fabrication spécialisées

Barnes Group fournit des solutions d'ingénierie de précision dans des domaines de fabrication spécialisés.

Secteur de la fabrication spécialisée	Segment des revenus	Portée géographique
Usinage de précision	104,7 millions de dollars	Amérique du Nord, Europe
Fabrication de matériaux avancés	76,5 millions de dollars	Mondial

Barnes Group Inc. (B) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

En 2022, Barnes Group Inc. a alloué 37,5 millions de dollars aux frais de recherche et de développement, ce qui représente 3,8% des revenus totaux.

Année	Investissement en R&D	Pourcentage de revenus
2022	37,5 millions de dollars	3.8%
2021	35,2 millions de dollars	3.6%

Équipement de fabrication et entretien

Les dépenses en capital pour les équipements de fabrication en 2022 ont totalisé 52,3 millions de dollars.

• Coûts de maintenance annuelle de l'équipement: 18,7 millions de dollars
• Dépenses d'amortissement de l'équipement: 24,6 millions de dollars

Compensation des effectifs qualifiés

Les dépenses totales de personnel de Barnes Group Inc. en 2022 étaient de 456,8 millions de dollars.

Catégorie des employés	Compensation annuelle moyenne
Ingénierie	$95,600
Fabrication	$68,300
Gestion	$185,400

Gestion de la chaîne d'approvisionnement

Total des dépenses de chaîne d'approvisionnement et de logistique en 2022: 124,5 millions de dollars.

• Coûts d'approvisionnement: 87,3 millions de dollars
• Logistique et transport: 37,2 millions de dollars

Infrastructure technologique et innovation

Les investissements technologiques et infrastructures numériques ont atteint 29,6 millions de dollars en 2022.

Catégorie d'investissement technologique	Frais
Infrastructure informatique	15,4 millions de dollars
Cybersécurité	6,2 millions de dollars
Transformation numérique	8,0 millions de dollars

Barnes Group Inc. (B) - Modèle commercial: Strots de revenus

Ventes de composants de précision

En 2023, Barnes Group Inc. a déclaré des revenus de vente de composants de précision de 1,075 milliard de dollars, ce qui représente 62,3% du total des revenus de l'entreprise.

Catégorie de produits	Revenus (2023)	Pourcentage
Composants aérospatiaux	542 millions de dollars	50.4%
Composants industriels	533 millions de dollars	49.6%

Contrats de services d'ingénierie

Les contrats de service d'ingénierie ont généré 215 millions de dollars de revenus pour Barnes Group Inc. en 2023.

• Services d'ingénierie aérospatiale: 132 millions de dollars
• Services d'ingénierie industrielle: 83 millions de dollars

Licence de produit et transfert de technologie

Les licences de produits et les revenus de transfert de technologie ont atteint 47 millions de dollars en 2023.

Segment des licences	Revenu
Licence de technologie aérospatiale	28 millions de dollars
Transfert de technologie industrielle	19 millions de dollars

Assistance et maintenance du marché secondaire

Les services de soutien et de maintenance du marché secondaire ont généré 185 millions de dollars de revenus pour Barnes Group Inc. en 2023.

• Services de rechange aérospatiale: 110 millions de dollars
• Contrats d'entretien industriel: 75 millions de dollars

Solutions de fabrication personnalisées

Les solutions de fabrication personnalisées ont contribué 88 millions de dollars aux revenus de l'entreprise en 2023.

Segment de fabrication	Revenu	Industries clés
Solutions personnalisées aérospatiales	53 millions de dollars	Aviation commerciale, défense
Fabrication personnalisée industrielle	35 millions de dollars	Automobile, énergie

Barnes Group Inc. (B) - Canvas Business Model: Value Propositions

You're looking at the core promises Barnes Group Inc. makes to its customers, especially now that Apollo Global Management completed the acquisition in January 2025 for a reported $3.6 billion. The value proposition centers on specialized engineering and mission-critical support across two main areas.

Aerospace: Critical component performance and MRO services across the full engine lifecycle.

For aerospace clients, the value is in deep support for turbine engines and airframes, covering both new parts and servicing existing ones. You saw this commitment reflected in the Q3 2024 results, where Aerospace OEM sales grew 38% and aftermarket sales jumped 67% year-over-year. The company is pushing hard on this segment; management set a target for Aerospace to hit $1 billion in annual revenue by 2025.

The MRO (Maintenance, Repair, and Overhaul) side is clearly a focus, aligning with the broader market trend where the Aircraft MRO Market is projected to reach $134.07 billion by 2030. The OEM backlog at the end of Q2 2024 stood at $1.51 billion, with an expectation to convert about 40% of that into revenue over the next 12 months. As of October 2025, the revenue generated by Barnes Aerospace top domains is estimated between $200M and $500M.

Industrial: Highly-engineered precision products and automation for complex applications.

In the Industrial segment, the value proposition is delivering precision and control for demanding manufacturing environments. This segment is undergoing portfolio simplification, evidenced by the sale of the Associated Spring and Hänggi businesses. Still, the remaining core industrial businesses deliver specialized components. For example, in Q2 2024, the Industrial segment posted sales of $164 million, which was down 24% due to those divestitures, but on an organic basis, sales were actually up 3% from the prior year. That organic growth shows the underlying product value remains strong.

Integrated hardware and software solutions for engineered plastics (e.g., Molding Solutions).

The Molding Solutions business, which includes brands like Synventive, manner, and Foboha, offers integrated solutions for the plastic injection molding industry. This is where you see the hardware and software integration driving value in process control. This focus is paying off; in Q2 2024, Molding Solutions sales specifically increased by 8%. That's a concrete number showing the market response to their engineered plastics technology.

Reliability and quality assurance in high-demand, mission-critical sectors.

The commitment to reliability translates directly into financial targets that underscore stability post-acquisition. Management is focused on achieving a net debt-to-EBITDA leverage ratio of 2.5 times by the end of 2025. This deleveraging goal is a direct promise of financial health and operational discipline, which is critical for long-term contracts in mission-critical aerospace and industrial applications. The company's Q2 2024 adjusted EBITDA margin for Aerospace was 23.1%.

Here's a quick look at some key financial metrics that define the current value delivery:

Metric	Value/Period	Segment/Context
Q2 2024 Total Revenue	$382 million	Consolidated
Q2 2024 Aerospace Sales Growth	79%	Year-over-Year
Q3 2024 Aerospace Aftermarket Sales Growth	67%	Year-over-Year
Aerospace OEM Backlog (End Q2 2024)	$1.51 billion	Aerospace
Molding Solutions Sales Growth	8%	Q2 2024
Target Leverage Ratio (End 2025)	2.5 times	Company Goal

The value propositions are supported by specific operational strengths you can track:

• Critical component performance for turbine engines.
• MRO services supporting the full engine lifecycle.
• Precision components for industrial automation.
• Integrated solutions for engineered plastics molding.
• Achieving a 2.5 times leverage ratio by 2025.

If you're tracking the transformation, note that Q1 2024 revenue was $431 million, a 28% increase, showing strong top-line momentum before the acquisition closed. Finance: draft 13-week cash view by Friday.

Barnes Group Inc. (B) - Canvas Business Model: Customer Relationships

You're looking at the relationship strategy for Barnes Group Inc. following its separation into two distinct entities in October 2025: Barnes Aerospace and The Industrial Solutions Group. The focus here is on deep, enduring ties with key customers across both segments.

Long-term, strategic partnerships with major Aerospace OEMs and MROs.

The Aerospace segment emphasizes multi-decade relationships, exemplified by the partnership with GE Aerospace, which spans more than 30 years. This relationship was recently cemented by a new six-year contract awarded in 2025 for the manufacture of components for the T700/CT7 engine family. Furthermore, in 2023, Barnes extended two long-term aerospace agreements with Safran. Customer concentration remains a factor, as one customer, General Electric, accounted for 21% of total revenues in 2023.

Customer Concentration (General Electric)	Percentage of Total Revenues	Year
General Electric	21%	2023
General Electric	16%	2022
General Electric	17%	2021

The MRO business relies on established customer relationships through maintenance and repair contracts, including long-term Revenue Sharing Programs (RSPs) and Component Repair Programs (CRPs). The relationship with U.S. military agencies is managed through distribution agreements, such as the one appointing Blue Raven Solutions as an exclusive distributor for Aftermarket sales to DLA Aviation, DLA Land and Maritime, and DLA Troop Support divisions.

Dedicated sales and technical support for industrial automation clients.

Following the organizational split, the Industrial Solutions Group focuses on streamlining the business. While specific 2025 support metrics aren't available, the strategy involves applying focused go-to-market strategies for commercial excellence in areas like Automation. The company, pre-separation, served end markets including medical & personal care, mobility, and packaging.

High-touch, consultative selling for complex, custom-engineered solutions.

Barnes Group leverages world-class manufacturing capabilities and market-leading engineering to develop advanced processes and applied technologies. The Aerospace segment offers full life-cycle supply and repair of complex aero-engine components, from fan to exhaust, including component repair and overhaul (CRO) services. This necessitates a consultative approach to meet strict compliance with standards like ISO, AS, and NADCAP.

Relationship management focused on securing multi-year contracts, like the six-year GE Aerospace award.

Securing long-term commitments is a clear objective, as evidenced by the six-year GE Aerospace contract announced in 2025. The Newton Abbot facility, which produces up to one million airfoil components per year, sees this contract as the start of a long-term relationship with GE Aerospace. The overall financial strategy post-acquisition by Apollo Funds in January 2025 for approximately $3.6 billion is focused on accelerating transformation and growth. This includes a financial goal to achieve a net debt-to-EBITDA ratio of 2.5 times by the end of 2025, supported by targeted run-rate annualized savings of $42 million by the end of 2025. As of March 31, 2024, the company maintained liquidity with $82 million in cash and $344 million available under its revolving credit facility.

• The GE Aerospace partnership involves producing T700/CT7 aerofoils at the Newton Abbot facility.
• The company aims to enhance capabilities and broaden product offerings under Apollo Funds' ownership.
• The Industrial segment is focused on integration, consolidation, and rationalization.

Finance: review Q3 2025 debt covenant compliance by next Tuesday.

Barnes Group Inc. (B) - Canvas Business Model: Channels

You're looking at the channels for Barnes Group Inc. (B) after its January 2025 separation under Apollo Funds ownership. This isn't the old structure; we're dealing with two distinct entities now: Barnes Aerospace and The Industrial Solutions Group. Each has its own go-to-market strategy, though both leverage world-class engineering. The current consolidated revenue (TTM) is reported at £1.22 Billion.

Direct sales force for large, strategic OEM and MRO contracts

For Barnes Aerospace, this channel is paramount for securing and managing relationships with major turbine engine manufacturers, commercial airlines, and defense customers. This direct engagement is necessary for their high-value component repair and overhaul (CRO) services and complex component manufacturing contracts. The focus is on deep, lifecycle partnerships.

• Barnes Aerospace supports major OEMs like GE, Pratt & Whitney, and Rolls-Royce.
• The Aerospace OEM unit provides components directly to OEMs of commercial and military turbine engines.

Global distribution network for Industrial Solutions Group's standard products

The Industrial Solutions Group, which includes Molding Solutions, Force and Motion Control, and Automation, relies on a network to move its engineered precision products. While historical data showed the former Barnes Distribution operated in 33 countries, the current network scope for the standalone Industrial Solutions Group is focused on its core industrial end-markets, including healthcare, automation, mobility, and packaging.

• Industrial Solutions Group combines Molding Solutions, Force and Motion Control, and Automation business units.
• The historical Barnes Distribution operated in approximately 33 countries before the 2024 divestitures.

Specialized service centers for component repair and overhaul (CRO)

This is a core channel for Barnes Aerospace, where physical locations are the point of service delivery. They maintain global FAA and EASA-certified repair stations to meet critical industry specifications. These facilities are where the Turn Around Time (TAT) metric-the days between part receipt and shipment-is managed directly with the customer.

• Barnes Aerospace maintains global FAA and EASA-certified repair stations.
• Known CRO facility locations include operations in Connecticut and Singapore, plus a facility in the United Kingdom (Newton Abbot).
• The approved repair catalog covers approximately ~5,000 part numbers across Centers of Excellence.

Digital platforms for technical documentation and customer service

Both segments use digital channels for support, compliance, and sales enablement. For Aerospace, this ensures customers access the necessary documentation for regulatory compliance and traceability of repaired parts. For Industrial Solutions, digital platforms support the advanced automation and molding solutions they provide.

Here's a look at the channel structure post-separation, focusing on the known operational footprint:

Channel Component	Primary Segment Focus	Quantifiable Metric/Scope
Direct Sales Force	Barnes Aerospace (OEM/MRO Contracts)	Supports major engine manufacturers (e.g., GE, Pratt & Whitney)
Global Service Network	Barnes Aerospace (CRO)	Facilities in North America and Asia; UK facility in Newton Abbot
Product Distribution	Industrial Solutions Group (Standard Products)	Serves key end-markets: healthcare, automation, mobility, packaging
Digital Access/Support	Both Segments	Compliance and traceability documentation for ~5,000 Aerospace part numbers

The total employee base supporting these operations as of 2025 is reported at 5,700.

Barnes Group Inc. (B) - Canvas Business Model: Customer Segments

You're looking at the customer base for Barnes Group Inc. as it transitioned under new private ownership in early 2025. Since the acquisition by Apollo Funds closed in the first quarter of 2025, detailed, publicly-released segment revenue for the full year 2025 isn't available like it was when the company was public. However, we can map the core customer groups based on the latest reported operational structure, which was heavily weighted toward Aerospace in late 2024.

The company historically organized its customer base into two primary operational segments: Aerospace and Industrial. The strategic emphasis, even before the acquisition, was shifting toward the higher-growth Aerospace side.

Here's a look at the scale and nature of the customers based on the last publicly detailed segment sales from the third quarter of 2024:

Customer Group Mapping (Based on Segments)	Latest Reported Quarterly Sales (Q3 2024)	Year-over-Year Sales Growth (Q3 2024)	Key Metric/Backlog
Aerospace OEMs and Airlines (Aerospace Segment)	$232 million	Sales up 49%	Aerospace OEM Backlog: $1.80 billion (End of Q3 2024)
Industrial Manufacturers & MRO Providers (Industrial Segment)	$156 million	Sales down 24% (due to divestitures)	Industrial Organic Sales Growth: 1%

The Aerospace customer base is quite specific, demanding zero-error components and services. You're dealing with entities that need absolute reliability for flight safety and operational uptime. The Industrial side serves a broader, though still specialized, set of manufacturers.

The core customer segments Barnes Group Inc. targets include:

• Aerospace OEMs and Airlines: Commercial and military aviation for new parts and aftermarket services.
• Industrial Manufacturers: Companies in healthcare, mobility, packaging, and advanced manufacturing.
• MRO Providers: Third-party maintenance, repair, and overhaul organizations.
• Defense Contractors: Government and military applications requiring high-precision components.

Drilling down into the Aerospace customer dynamics, you see a clear split in demand drivers. Aftermarket sales, which service existing fleets, surged by 67% in Q3 2024, showing strong demand for keeping planes flying. OEM sales, which are for new production, increased by 38% in the same period, signaling anticipation for future production ramps, even with some near-term delays from aircraft manufacturers.

For the Industrial side, the customer base is diverse, spanning several high-precision end-markets. The company provides molding solutions, automation systems, and force and motion control systems to these clients. For example, the Industrial segment serves customers in:

• Healthcare
• Mobility
• Packaging
• Advanced Manufacturing

To be fair, the Industrial segment's reported sales of $156 million in Q3 2024 were significantly impacted by the sale of the Associated Spring and Hänggi businesses, which makes direct year-over-year comparison tricky without the organic number. Still, the organic sales growth was a modest 1%.

Finance: draft 13-week cash view by Friday.

Barnes Group Inc. (B) - Canvas Business Model: Cost Structure

You're looking at the cost drivers for Barnes Group Inc. (B) as it transitioned into a pure-play Aerospace and Defense entity by late 2025, following the Apollo Funds acquisition and the planned spin-off of the Industrial segment.

High fixed costs remain a reality, stemming from the global footprint of specialized manufacturing and Maintenance, Repair, and Overhaul (MRO) facilities across North America, Europe, and Asia. While the Industrial segment divestiture was intended to rationalize costs, the remaining Aerospace segment still requires significant, non-trivial fixed overhead to maintain certifications and operational readiness for complex engine components and MRO services. The company targeted annualized savings of $42 million by the end of 2025, partly through streamlining costs and restructuring efforts initiated earlier.

Investment in future capabilities drives substantial expenditure. For the post-spin entity, capital expenditures (CapEx) were guided to be in the range of $40 million to $50 million annually, reflecting necessary investments for growth and technology within the core Aerospace business. This spending supports the ramp-up from Original Equipment Manufacturers (OEMs) and advanced MRO capabilities, which are inherently capital-intensive.

The Cost of Goods Sold (COGS) is intrinsically linked to the specialized nature of the products. Aerospace aftermarket and OEM components involve high-tolerance machining and the use of specialized, often high-temperature, raw materials. While specific 2025 COGS percentages are not public due to the transitional status, Q1 2024 saw the cost of sales increase by 32.6% year-over-year to $300.1 million, illustrating the cost pressure tied to complex production.

Financing costs are a key component, especially following significant debt activity. In December 2024, the company issued $750 million aggregate principal amount of 6.75% Senior Secured Notes due 2032. The cost associated with this debt, alongside other borrowings related to the MB Aerospace acquisition, directly impacts the income statement as interest expense. For context, the interest expense in Q3 2024 was $19.6 million. The strategic financial goal for the remaining entity was to achieve a Net Debt-to-EBITDA ratio of 2.5 times by the end of 2025. The divestiture of the Industrial segment provided proceeds of approximately $360 million, which was expected to be allocated, in part, to debt repayment to support this leverage target.

Here's a look at some of the latest available financial context points:

Cost/Financial Metric	Latest Reported/Targeted Value	Context/Date
Target Net Debt-to-EBITDA Ratio	2.5 times	Year-end 2025 target
Estimated Annual Capital Expenditures (CapEx)	$40 million - $50 million	2025/2026 Guidance for remaining business
Interest Expense	$19.6 million	Q3 2024
Senior Secured Notes Issued	$750 million	December 2024
Industrial Segment Divestiture Proceeds	Approximately $360 million	Expected proceeds from spin-off
Q3 2024 Total Sales	$388 million	Q3 2024

The cost structure is being actively managed through strategic realignments:

• Restructuring Savings Target: Annualized savings goal of $42 million by year-end 2025.
• MRO Facility Footprint: Operations maintained in North America, Europe, and Asia for specialized component repair.
• Raw Material Costs: Directly impacted by specialized, high-tolerance materials for aerospace components.
• Labor Costs: Driven by complex, skilled labor required for MRO and precision manufacturing.

Finance: draft 13-week cash view by Friday.

Barnes Group Inc. (B) - Canvas Business Model: Revenue Streams

You're looking at how Barnes Group Inc. actually brings in the money, which as of late 2025, is heavily weighted toward the Aerospace segment following portfolio simplification. Honestly, the revenue streams are clearly segmenting into high-margin services and new production components.

The Aerospace Aftermarket is definitely a key growth engine, showing incredible momentum. For instance, in the first quarter of 2024, Aerospace aftermarket sales were up a massive 94% year-over-year. This points directly to the high-margin MRO (Maintenance, Repair, and Overhaul) services being a primary focus for revenue generation.

Aerospace OEM Sales, which is revenue from manufacturing new components, is supported by a strong order book, though near-term conversion can be tricky due to industry constraints. The backlog figure you mentioned from Q2 2024 was $1.51 billion. To be fair, that backlog grew even further by the end of the third quarter of 2024, reaching $1.80 billion, supported by a book-to-bill of 2.9 times in that quarter.

The Industrial Product Sales stream comes from the remaining Molding Solutions, Force & Motion Control, and Automation units. These figures reflect the ongoing portfolio streamlining, which included the sale of the Associated Spring and Hänggi businesses. Here's a quick look at the most recent reported segment sales figures:

Revenue Stream Component	Latest Reported Sales Amount	Context/Growth Note
Aerospace Segment Sales (Q3 2024)	$232 million	Up 49% year-over-year.
Industrial Segment Sales (Q3 2024)	$156 million	Down 24% primarily due to divestitures.
Total Sales (Q3 2024)	$388 million	Up 7% versus the same quarter a year ago.

Service and Licensing Fees are embedded within the segment results, particularly in Aerospace Aftermarket, which includes MRO services. While a standalone dollar amount for pure licensing fees isn't explicitly broken out in the same way as product sales, the strong aftermarket growth implies significant revenue from technical services and proprietary technology use.

The overall revenue picture is being reshaped by the pending acquisition by Apollo Funds, valued at approximately $3.6 billion, which was expected to close in the first quarter of 2025. This transaction fundamentally alters the long-term structure of Barnes Group Inc.'s revenue streams, moving toward a private entity focus.

You can see the revenue mix is shifting, which impacts margin profiles:

• Aerospace Aftermarket organic sales increased 27% in Q3 2024.
• Aerospace OEM organic sales decreased 1% in Q3 2024.
• Industrial segment organic sales were up 1% in Q3 2024.
• The company secured long-term Aerospace agreements, aiming for $1 billion in annual revenue by 2025 (a goal set before the acquisition announcement).

Finance: draft 13-week cash view by Friday.