On February 16, 2024, Irenic Capital Management LP issued a statement from Co-Founder and Chief Investment Officer Adam Katz stated that he is committed to working constructively and in good faith to help Barnes Group Inc. realize its potential. Irenic Capital Management stated that its underwhelming results for the fourth quarter and full-year 2023 reinforce the need for a more engaged, independent and well-rounded Board at the Company. Irenic Capital Management added that it encourages the Company to move with greater urgency to work with Irenic Capital Management on the addition of independent directors with relevant industry and capital allocation expertise.

Irenic Capital Management added that it is time to do the right thing for the Company?s shareholders.