BLOOMFIELD, Conn., March 4 /PRNewswire-FirstCall/ -- Kaman Corp.
(Nasdaq: KAMN) said that it has been notified by the recently elected
government of the Commonwealth of Australia that it wishes to initiate a
negotiation with Kaman to end the Super Seasprite program on mutually
agreed terms.
Responding to this overture, Neal J. Keating, chairman, president and
chief executive officer of Kaman Corp., said, "We have received a
communication from the Commonwealth that we are reviewing at this time with
the expectation that we will enter a constructive process with the
Commonwealth in order to arrive at a mutually agreeable conclusion to the
Seasprite program. Although we have created a highly capable aircraft for
the Royal Australian Navy and continue to fulfill our obligations to the
Commonwealth under our contract, we appreciate the thoughtful approach and
time invested by the current Government in addressing our program and we
will work with them toward arriving at a satisfactory arrangement. "
Kaman Corp. conducts business in the aerospace and industrial
distribution markets.
SOURCE Kaman Corp.
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Related links:
http://www.kaman.com
http://www.prnewswire.com/comp/480450.html /
CONTACT:
In U.S.:, Russell H. Jones, SVP, Chief
Investment Officer & Treasurer, +1-860-243-6307,
Russell.Jones@kaman.com, or Sal Bordonaro, President, Kaman
Helicopters Division, +1-860-243-7005, Sal.Bordonaro@kaman.com,
both of Kaman Corp., or in Sydney, Steve Rutter for Kaman Corp.,
SH-2G(A) Program Manager, Mobile, +1-860-573-6289,
Steve.Rutter@kaman.com, or Jacquelynne Willcox, Director, Public
Affairs, Mobile, +61 419833649, jwillcox@hillandknowlton.com.au,
or Louise Allen, Senior Executive, Telephone, +61-2-9286-1205,
Mobile, +61 411-029-693, lallen@hillandknowlton.com.au, both of
Hill & Knowlton Australia for Kaman Corp.
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