BLOOMFIELD, Connecticut (December 22, 2014) - Kaman Corporation (“Kaman”) today announced that it has sold its Mexico business unit Delamac de Mexico, S.A. de C.V. (“Delamac”) to Rodamientos y Accesorios S.A. de C.V (RYASA) of Mexico. The terms of the transaction were not disclosed.
“We did not have sufficient scale in Mexico to achieve our long-term targeted profitability goals and believe the operation will be better aligned with RYASA. We are grateful to the employees of Delamac for their commitment and service to Kaman and believe the new ownership will be beneficial for all parties,” said Kaman Executive Vice President and distribution segment President Steven J. Smidler.
Kaman expects to record pre-tax charges in the fourth quarter 2014 related to the transaction of approximately $4.5 million to $5.5 million. Delamac was part of the distribution segment of Kaman and accounted for less than 2.5% of segment revenues. The business distributes bearings, power transmission products, lubrication systems, and related parts and accessories from 12 branch locations in Mexico.
This release includes "forward looking statements" relating to the estimated pre-tax charges discussed above. These statements are based on assumptions currently believed to be valid, but they involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements. Important uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.
Kaman is a leading distributor of industrial parts, and operates more than 250 customer service centers and five distribution centers across North America. Kaman offers over four million items including bearings, mechanical power transmission, electrical and automation, material handling, motion control, hydraulics and pneumatics and MRO supplies to customers in virtually every industry. Additionally, Kaman provides engineering, design, build, installation, integration and support services for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management. Kaman Distribution is the industrial distribution group of Kaman Corporation. Kaman Corporation (NYSE:KAMN), founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. More information is available at www.kaman.com.
|Eric Remington, Vice President, Investor Relations|