BRISTOL, Conn. (AP) -- Aerospace and industrial component maker Barnes Group Inc. said Monday it has sold one business and is cutting output and laying off staff in two of its remaining segments to achieve annual savings of about $40 million.
Barnes, which also is freezing the pay of its salaried workers, did not disclose the number of staffers being laid off. Last year, the company reduced its payroll by about 800 to some 5,700.
It said it sold the "North American Integrated Supply activity" within its logistics and manufacturing services segment for an undisclosed amount. The buyer was not identified.
In its precision components segment, Barnes said it plans to vacate its Central Lake, Mich., facility when the lease expires in September and is idling its Monterrey, Mexico, facility.
The moves will result in a charge to fourth-quarter 2008 earnings of about $8 million.
In its logistics and manufacturing services segment, Barnes said it will close its Atlanta distribution center by March, exit some British operations and take other unspecified cost-cutting steps. The moves will result in a charge of $8 million.
The company also said it will take a charge of about $7 million against certain deferred tax assets in Europe.
Shares fell 52 cents, or 4.1 percent, to $12.28 in morning trading Monday.