BLOOMFIELD, Conn., Jan. 2 /PRNewswire-FirstCall/ -- Kaman Corp.
(Nasdaq: KAMN) disclosed today that on December 31, 2007, the company
completed its previously announced sale of all of the capital stock of its
wholly-owned subsidiary, Kaman Music Corporation, to Fender Musical
Instruments Corporation ("FMIC"). Pursuant to the terms of the stock
purchase agreement, as amended, Kaman received approximately $120 million
in cash, which includes the purchase price of $117 million and certain
working capital and cash adjustments made at closing as set forth in the
stock purchase agreement. The purchase price is subject to additional
specified post closing purchase price adjustments. As a result of the
transaction, Kaman Music became a wholly owned subsidiary of FMIC.
Kaman chairman, Paul Kuhn, stated, "Kaman Music has been a part of this
company from the early 1960s when our founder, Charlie Kaman, invented the
now famous Ovation Guitar. Over the years, we have built Kaman Music into a
position of prominence as the largest independent distributor of musical
instruments and accessories to the many thousands of music retailers across
the country. It is very satisfying, therefore, to have found a strategic
buyer of Fender's stature to take what we have created forward into the
future. Kaman will use the proceeds of the sale to focus more specifically
on its aerospace and industrial distribution businesses."
Bill Mendello, Chairman and CEO of FMIC, stated, "We have a tremendous
amount of respect for the legacy of Kaman Music and the brands that are a
part of the KMC family. We strongly believe the combination of KMC and FMIC
is a winning combination for dealers and musicians around the world."
About Kaman Corporation:
Kaman Corp., headquartered in Bloomfield, Conn., conducts business in
the aerospace and industrial distribution markets.
About Fender Musical Instruments Corporation:
Fender Musical Instruments Corporation (FMIC) is the world's leading
guitar manufacturer, and its name has become synonymous with all things
rock 'n' roll. Iconic Fender(R) instruments such as the Telecaster(R),
Stratocaster(R), Precision Bass(R) and Jazz Bass(R) guitars are known
worldwide as the instruments that started the rock revolution, and they
continue to be highly prized by today's musicians and collectors. FMIC
brands include Fender(R), Squier(R), Guild(R), Gretsch(R), Jackson(R),
Charvel(R), SWR(R), EVH(R), Tacoma(R), Olympia(R) and Brand X(R). For more
information, visit http://www.fender.com.
SOURCE Kaman Corp.
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Related links:
http://www.kaman.com
http://www.fender.com
http://www.prnewswire.com/comp/480450.html/
CONTACT:
Russell H. Jones of Kaman Corporation,
+1-860-243-6307, Russell.Jones@kaman.com; or Jason Padgitt of
Fender Musical Instruments Corp., +1-310-946-9164,
jpadgitt@fender.com
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