BLOOMFIELD, Conn.--(BUSINESS WIRE)--(NYSE:KAMN) Kaman Corporation announced today that its Aerospace segment
has acquired Timken Alcor Aerospace Technologies, Inc. (TAAT) of Mesa,
Arizona. TAAT, which will be renamed “EXTEX Engineered Products, Inc.,”
designs and supplies aftermarket parts to support businesses conducting
maintenance, repair, and overhauls (MROs) in aerospace markets primarily
located in North America.
"TAAT nicely complements the aftermarket business of our Specialty
Bearings & Engineered Products division. Our test and development
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capabilities will allow for expanded customer application solutions. In
addition, strong sales channels with a global reach, combined with
TAAT’s engineering expertise, and strong customer relationships provide
significant synergy opportunities,” stated Robert Paterson, President,
Kaman Specialty Bearings.
Kaman Corporation, Executive Vice President and Chief Financial Officer,
Robert Starr commented, “TAAT will be a great fit with our specialty
bearing product lines. We expect the acquisition to be neutral to
earnings per share in 2015, excluding one-time acquisition costs, and
accretive in 2016.”
TAAT had annual sales of approximately $20 million in 2014.
Risks Associated with Forward-Looking Statements
This release includes "forward looking statements" relating to the
acquisition 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.
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 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; K-MAX® medium to heavy lift helicopters; and support for the
company's SH-2G Super Seasprite maritime helicopters and K-MAX®
aircraft. The company is a leading distributor of industrial parts, and
operates more than 200 customer service centers and five distribution
centers across the U.S. and Puerto Rico. 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. More information is
available at www.kaman.com.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com)
engineers, manufactures and markets bearings, transmissions, gearboxes,
chain and related products, and offers a spectrum of powertrain rebuild
and repair services. The leading authority on tapered roller bearings,
Timken today applies its deep knowledge of metallurgy, tribology and
mechanical power transmission across a variety of bearings and related
systems to improve reliability and efficiency of machinery and equipment
all around the world. The company’s growing product and services
portfolio features many strong industrial brands including Timken®,
Fafnir®, Philadelphia Gear®, Carlisle®,
Drives® and InterlubeTM. With 14,000 employees
operating from 28 countries, Timken posted $3.1 billion in sales in 2014.
Contacts
Kaman Corporation
Eric Remington
VP, Investor Relations
(860)
243-6334