Barnes Group said Jan. 11 that it will sell its Associated Spring and Hänggi businesses to One Equity Partners in a deal that will net $150 million, and more importantly let the key Bristol, Connecticut, engine supplier focus on aerospace.

Last year, Barnes bought aerospace engine components specialist MB Aerospace in a deal worth $740 million, adding another major engine-related tie-up to a list that is drawing increasing attention to the sector’s importance. The divested assets are part of Barnes’ Motion Control Solutions strategic business unit within the Industrial Segment and serve automotive, general industrial, and other markets.

The latest divestitures of non-aerospace assets was another step in the Barnes transformation, executives said. “The combination of our recent MB Aerospace acquisition and this divestiture dramatically shifts Barnes’ portfolio toward markets with higher growth and margin opportunities,” Barnes CEO and President Thomas Hook said.

Following the deal’s closure, the company’s Aerospace Segment will account for a majority of its consolidated annual revenue and an even larger percentage of its earnings, while exposure to automotive will be materially lower. Proceeds will be used to pay down debt accumulated as part of the strategy change.

The transaction is expected to close early this year subject to regulatory and other customary closing conditions, Barnes sasid. Hook and others will provide additional details on the company’s 2023 earnings call on Feb. 16.