BLOOMFIELD, Connecticut (August 1, 2013) - Kaman Corporation (NYSE:KAMN) today announced that its Distribution Segment (Kaman) has signed a definitive agreement to acquire Western Fluid Components, Inc. (Western), to further expand its fluid power position in the Northwest. Western is one of the largest fluid connector distributors in Washington and a full-line distributor for Parker Hannifin's Fluid Connector Group. Headquartered in Everett, Western is a distributor of hydraulic, pneumatic and industrial hose, tubing, fittings plus related accessories. Terms of the sale were not disclosed.
Founded in 1975, Western, with annual sales of approximately $11 million, operates from four locations in Tacoma, Kirkland, Everett and Bellingham, Washington with a team of 20 employees. Western also provides hydraulic and industrial hose assemblies, custom kits and value-added services through its four Parker Store retail locations and sells to a wide variety of industries such as the marine, wood products, aerospace, agriculture, mobile equipment and industrial markets. The addition of Western expands Kaman's growing Parker Store network to 17.
"The acquisition of Western is a continuation of our strategy to build a strong fluid power position and furthers our relationship and authorizations with our primary supplier, Parker Hannifin. We see significant growth opportunities and synergies with Western and our previously announced acquisition of Northwest Hose & Fittings. Western is a strong company with a high focus on customer service and we are thrilled to have them as part of the Kaman family." said Steven J. Smidler, President of Kaman Distribution.
Neal J. Keating, Chairman, President and Chief Executive Officer of Kaman Corporation, added, "We have announced three acquisitions within our Distribution Segment so far this year and each meets our strategic objectives of growing our core business platforms as well as expanding our geographic footprint. We expect to remain active in building our distribution business and acquiring well run companies like Western Fluid Components that will help us win in a competitive marketplace."
Steve Favorite, President of Western stated, "I am excited to have our organization join the Kaman team as a key component of their fluid power platform growth strategy. We see great opportunities to better support customers with all of the value added services Kaman offers in addition to our core Parker products."
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|