Kaman Corporation : Kaman Industrial Technologies Acquires Florida Bearings, Inc.
07/05/2012| 09:05am US/Eastern
Kaman Corporation (NYSE:KAMN) today announced that its subsidiary, Kaman
Industrial Technologies Corporation (KIT) has acquired Florida Bearings,
Inc. of Miami, Florida. Florida Bearings will become part of KIT,
Kaman's Industrial Distribution segment. Terms were not disclosed.
Florida Bearings, founded in 1950, is a distributor of bearings, power
transmission and pump products as well as a provider of value-add
services such as predictive maintenance and motor, gearbox and pump
repair to diverse industries, such as the water, wastewater, municipal,
food and aggregate industries. In addition to Miami, the company also
has locations in Hialeah, Ft. Lauderdale, Riviera Beach and Orlando. The
company has annual sales of approximately $20 million.
Steve Smidler, president of KIT stated, "We are very pleased to welcome
the Florida Bearings team to Kaman Industrial Technologies. Over their
sixty-two year history, Florida Bearings has developed a reputation for
technical excellence and exceptional customer service which makes for a
great cultural fit with KIT. The acquisition of Florida Bearings
provides a strong position in central and southern Florida and increases
our exposure to key end markets. Most importantly Florida Bearings has a
great reputation, strong customer relationships and a terrific group of
dedicated employees that will integrate well with the Kaman family."
"Florida Bearings has a storied history and joining Kaman will ensure a
continued high level of customer support and provides many of our
employees with substantial opportunities for professional growth and
development", said Bruce Marchetti, president, Florida Bearings. "The
addition of Kaman's broad array of electrical, fluid power and conveying
product lines to our current offering will be a welcome growth
opportunity for us to become an even more strategic supplier to
customers in central and southern Florida."
Neal J. Keating, chairman, president and chief executive officer of
Kaman Corporation, added, "The acquisition of Florida Bearings
demonstrates our commitment to the continued growth of KIT and our focus
on teaming with strong management to deliver increased value to our
customers. This acquisition enables us to expand our geographic
footprint, expand our product and service offerings and further
diversify our end market exposure. We see the combination of Florida
Bearings and KIT as a perfect example of two fine companies coming
together to bring additional resources and capabilities to customers in
a dynamic and growing market."
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. Additionally, Kaman 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.
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