BLOOMFIELD, Connecticut (July 12, 2013) - Kaman Corporation (NYSE:KAMN) today announced that its Distribution Segment (Kaman) has signed a definitive agreement to acquire substantially all the assets of Ohio Gear & Transmission of Eastlake, Ohio. The transaction is expected to close by the end of July. Ohio Gear & Transmission will become part of Kaman's Industrial Distribution segment.
Founded in 1973, Ohio Gear & Transmission is a distributor of mechanical power transmission equipment, bearings & electric automation systems as well as a designer and fabricator of specialized gearing products to industries such as food, packaging, material handling, and general machinery. The company has one location and annual sales of approximately $9 million.
Steve Smidler, president of Kaman stated, "We are pleased to add Ohio Gear & Transmission to our mechanical power transmission product platform and welcome their employees to the Kaman team. Ohio Gear provides entry into the Cleveland market, which represents a new geographic region for us, and they also have design, build and assembly capabilities for a wide variety of standard and unique gearing products. With Ohio Gear we add a highly complementary business with a strong reputation, high quality products and excellent technical capabilities."
Neal J. Keating, chairman, president and chief executive officer of Kaman Corporation, added, "This acquisition meets several strategic objectives for our distribution segment. It enables us to expand our geographic footprint into a major industrial market, increases our service capabilities and strengthens our core bearings and power transmission product platform."
John Bauer, president of Ohio Gear & Transmission stated, "After 40 years as an independent distributor, we felt it was in the best interest of our employees, customers, and supplier partners to join forces with a major national firm. Our local knowledge, combined with the scale and distribution expertise of Kaman, will help us provide enhanced value to our customers."
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. The company is a leading distributor of industrial parts, and operates more than 200 customer service centers and five distribution centers across North America. Kaman offers more than four million items including bearings, mechanical power transmission, electrical, material handling, motion control, fluid power, automation and MRO supplies to customers in virtually every industry. Kaman also provides engineering, design and support 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. Additionally, the company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; and support for the company's SH-2G Super Seasprite maritime helicopters and K-MAX medium-to-heavy lift helicopters. More information is available at www.kaman.com.
|Eric Remington||David Mayer|
|Vice President, Investor Relations||Vice President, Marketing & Services|
|Kaman Corporation||Kaman Industrial Technologies Corporation|
|(860) 243-6334||(860) 687-5185|