BRISTOL, Conn., July 12, 2022--(BUSINESS WIRE)--Barnes Group Inc. (NYSE: B) today announced that it has become a Member of the Ellen MacArthur Foundation’s Network to help accelerate the transition to a circular economy. The Network brings together businesses, innovators, universities, and thought leaders to drive global systemic change.
"We are pleased to join a committed group of like-minded organizations focused on creating a circular economy," said Julie K. Streich, Senior Vice President, Finance and Chief Financial Officer and Interim Chief Executive Officer of Barnes. "Joining the Ellen MacArthur Foundation’s Network is another important step in our environmental, social, and governance journey, allowing Barnes to work with other forward-thinking leaders to drive innovations that ultimately support our economy, climate, and society."
Patrick Hurley, Senior Vice President and Chief Technology Officer of Barnes, stated, "the Ellen MacArthur Foundation is a great platform to further our efforts in developing innovative products and technologies to drive a circular economy. It aligns with our internal targets to reduce pollution and waste and will enable Barnes to collaborate with other leading companies with the same vision in joint research and development for social and environmental benefits."
In 2020, Barnes established environmental targets for 2025 – specific goals for reducing the energy and water we use and the waste we generate against a 2019 baseline – on a normalized basis. As a Company, we will work to reduce the energy we use in our factories – as measured in carbon dioxide equivalents (CO2e) – by 15%, the amount of water we use by 20%, and the amount of industrial process waste we generate from our manufacturing operations by 15%.
Barnes is proud to be a key participant in the Digital Watermarks Initiative HolyGrail 2.0 driven by AIM – European Brands Association, powered by the Alliance to End Plastic Waste. HolyGrail is a collaborative effort designed to solve one of the most significant obstacles facing plastic recycling – inefficient sorting at recycling facilities. Our Molding Solutions strategic business unit has been active in this initiative since HolyGrail 2.0’s inception in 2020, under the leadership of The Procter & Gamble Company and facilitated by the Ellen MacArthur Foundation.
Molding Solutions continues to strengthen its partnerships to develop new manufacturing technologies with a sustainability focus in collaboration with leading consortiums such as The Alliance to End Plastic Waste and The Ellen MacArthur Foundation. It is also actively aligning its processing technology with leading producers of new sustainable plastic materials, such as post-consumer recyclable, bio-based, and even bio-degradable compositions, to produce products made of more sustainable materials that perform as well as or better than products made of current fossil-based polymers. Barnes has strategically partnered with global research centers, universities, product designers, and end-of-life converters to develop injection molding technology that minimizes waste and maximizes user performance, delivering safe and reliable solutions.
Barnes Group Inc. (NYSE: B) pioneers technologies to help change the world. Leveraging world-class manufacturing capabilities and market-leading engineering, we develop advanced processes, automation solutions and applied technologies for industries ranging from medical and personal care to mobility, packaging and aerospace. Customers benefit from our integrated hardware and software capabilities focused on improving the processing, control, service and sustainability of engineered plastics, factory automation technologies and precision components. For more information, please visit www.barnesgroupinc.com.
Molding Solutions is a strategic business unit within Barnes, which includes leading plastic injection molding brands for tooling, hot runners, and controls: Synventive®, Thermoplay®, männer™, FOBOHA®, Priamus®, and Gammaflux®. Molding Solutions’ comprehensive portfolio of advanced technologies and value-added services delivers best-in-class solutions where demanding specifications are required by global customers across a broad spectrum of applications. For more information, please visit our Molding Solutions web page.
About The Ellen MacArthur Foundation
The Ellen MacArthur Foundation is an international charity that develops and promotes the circular economy in order to tackle some of the biggest challenges of our time, such as climate change, biodiversity loss, waste, and pollution. The Foundation works with its Network of private and public sector decision-makers, as well as academia, to build capacity, explore collaborative opportunities, and design and develop circular economy initiatives and solutions. Increasingly based on renewable energy, a circular economy is driven by design to eliminate waste, circulate products and materials, and regenerate nature, to create resilience and prosperity for business, the environment, and society. For more information, please visit https://ellenmacarthurfoundation.org/.
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