BLOOMFIELD, Connecticut (February 21, 2013) - (NYSE:KAMN) Kaman Industrial Technologies Corporation ("Kaman") of Bloomfield, Connecticut and Wajax Industrial Components ("WIC"), a division of Wajax Corporation, two of North America's leading industrial distributors announced today that they have formed a strategic alliance, strengthening the services offered to customers that have business assets in the U.S., Canada, Mexico and Puerto Rico. While Kaman and WIC will each remain as separate and independent entities, they will join forces to compete for business-to-business and supply agreements with customers in multiple jurisdictions, providing an alternative to country-based supply agreements. The alliance will operate under the name Sourcepoint Industrial.
"Historically, customers looking for a pan North American supplier of power transmission and motion control products have had a limited choice" says Steve Smidler, Kaman's President. "This alliance gives customers an alternative, and an opportunity to benefit from both companies' value propositions."
Under this alliance, North American customers can expect access to a large portfolio of products, services and technical expertise. "Today's customers, more than ever, are looking for solutions to their production problems, solutions for their assets and solutions to manage their costs - particularly given today's global economic environment. This alliance is perfectly timed to deliver what North America's manufacturing and resource sectors want to achieve," Smidler stated.
"We're expecting more and more customers to make purchasing decisions on a global or international basis," says Mark Foote, Wajax Corporation's President and Chief Executive Officer, referring to the business trends which led to the alliance. "Whereas Wajax is very good at satisfying a customer's Canadian needs, and Kaman is very good at satisfying a customer's U.S needs, on our own, we each have a limited ability to cover a customer's needs across both countries. This alliance will provide customers with a viable option that has unique strengths on either side of the border."
Kaman Industrial Technologies Corporation
Kaman Industrial Technologies (KIT) Corporation is the distribution segment of Kaman Corporation (NYSE:KAMN). KIT is a distributor and service provider to North American industry from more than 200 customer service locations including 19 fabrication and assembly shops and 5 distribution centers in three business platforms: Bearings and Power Transmission, Electrical, Automation and Control and Fluid Power. The company provides a commitment of technological leadership and value-added services to industry. Its core business lies in the supply and application of standard components, in addition to offering customers single-source responsibility and accountability for each product line. Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut also conducts business in the aerospace market. More information is available at www.kaman.com.
Wajax Industrial Components
Wajax Industrial Components operates a total of 65 branches and 13 certified service and repair centers across Canada. It is a wholly owned division of Wajax Corporation, a leading Canadian industrial distributor in operation for over 154 years. Wajax Corporation's common shares are listed and traded on the Toronto Stock Exchange under the symbol "WJX".
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