Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 27, 2019

Kaman caps $700M unit sale

HBJ File Photo Neal J. Keating is stepping down as Kaman's CEO.
By Gregory Seay

Bloomfield aeroparts maker Kaman Corp. says it finalized its $700 million cash sale of its distribution segment to Greenwich investor Littlejohn & Co.

Kaman and Littlejohn announced June 26 that Kaman was selling operations that generated some $1.1 billion in 2018 revenue, including 2,000 workers worldwide.

The unit distributes more than six million items, including electro-mechanical parts, bearings, power transmission, motion control and electrical and fluid power components, and provides other assembly and repair services, to customers in various industries.

Kaman Chairman and CEO Neal J. Keating said the sale “marks a return to Kaman’s roots as a highly focused aerospace and engineered products company."

Kaman has said it will apply proceeds to pay down outstanding debt; accelerate research and development; pursue strategic purchases focused on engineered-product markets; and continue returning capital to shareholders.

 

CORRECTION: An earlier version had an incorrect count of workers in the sold distribution unit.

Sign up for Enews

Most Recent

Most Recent

Related Content

Thumbnail Walsh focuses on innovation as Kaman counteracts supply chain, inflationary pressures
Thumbnail CT companies spend billions on research and development, but some say state should incentivize more of it
Thumbnail Kaman posts $100K loss for 2Q
Thumbnail Kaman receives another order for K-MAX helicopter

0 Comments

Order a PDF