BLOOMFIELD, Conn., March 11 /PRNewswire-FirstCall/ -- Kaman Corp.
(Nasdaq: KAMN) today announced that its subsidiary, Kaman Industrial
Technologies Corporation (KIT) has signed a definitive agreement to acquire
Industrial Supply Corp. (ISC) of Richmond, Virginia. ISC will become part
of KIT, Kaman's industrial distribution segment. Terms were not disclosed.
The transaction is expected to be completed on or about March 31, 2008.
Kaman is the third largest distributor of power transmission and motion
control products in North America. The company operates nearly 200
branches, distribution centers and customer service centers across the U.
S., Canada and Mexico. It offers approximately three million items as well
as value-added services to a base of about 50,000 customers representing a
highly diversified cross section of North American industry.
ISC, founded in 1933, is a distributor of power transmission, fluid
power, material handling and industrial MRO supply products to such diverse
markets as ship building, printing, machinery, transportation, electronics,
pharmaceutical, rubber, chemicals and food processing. In addition to its
Richmond facility, ISC has five branches located in Norfolk, Roanoke and
Waynesboro, Virginia, and in Wilson and High Point, North Carolina. The
company has annual sales of approximately $55 million.
Neal J. Keating, chairman, president and chief executive officer of
Kaman Corp., said, "This acquisition supports our corporate strategy of
accelerating the growth of KIT by expanding our geographic footprint in
major industrial markets throughout North America. It will provide Kaman
access to new markets, expand our offering of products and services, and
increase our capability to service major national and regional customers.
As importantly, we feel that ISC is also a great cultural fit and look
forward to working with Doug Sims and the balance of the ISC team in
building a stronger organization."
ISC President Douglas A. Sims, Jr. said, "We are excited to become a
part of Kaman and are extremely impressed by the success that they have
achieved as a focused, innovative distributor of power transmission
products. Kaman is well-known and highly regarded in the industry for
delivering products and services that address the technical needs of their
customer base and both of our business philosophies will, no doubt, mesh
very seamlessly."
Kaman Corp., headquartered in Bloomfield, Connecticut, 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:
Eric B. Remington, Vice President, Kaman
Corp., +1-860-243-6334, eric.remington@kaman.com
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