Kaman To Acquire Allied Bearings Supply of Oklahoma

BLOOMFIELD, Conn., Feb. 25 /PRNewswire-FirstCall/ -- Kaman Corporation (Nasdaq: KAMN) today announced that its subsidiary, Kaman Industrial Technologies Corporation (KIT) has agreed to acquire Allied Bearings Supply Company (Allied) of Tulsa, Oklahoma.  Allied will become part of KIT, Kaman's Industrial Distribution Segment. The transaction is expected to close on April 5, 2010 and terms were not disclosed.

Allied, founded in 1934, is a distributor of bearings, power transmission, material handling, and industrial supplies to such diverse markets as the oil, gas, refinery, drilling equipment, steel, cement, paper, and food industries.  In addition to Tulsa, the company also has branches in Oklahoma City, Pryor, Ponca City, Ardmore and, Muskogee, Oklahoma; Fort Smith, Arkansas; and Houston, Texas.  The company had annual sales of approximately $22 million in the fiscal year ended October 31, 2009.

T. Jack Cahill, President of KIT stated, "We are very pleased to welcome the Allied Bearings team to our Kaman Industrial Technologies family. Over their seventy-six year history they have developed a reputation for technical excellence and exceptional customer service which makes for a great cultural fit with KIT.  This acquisition reinforces our stated commitment to balance organic growth with strategic acquisitions that help us to increase our scale and fill out our geographic footprint. The acquisition of Allied provides a strong position in Oklahoma and Arkansas and increases our exposure to the oil, gas and petrochemical industries. Most importantly Allied has a great reputation, strong customer relationships and a terrific group of dedicated employees that will integrate well with the Kaman family."

"Allied has a storied history and joining Kaman will ensure a continued high level of customer support and service and will provide many of Allied's employees with substantial opportunities for professional growth and development," said Allied Chairman and Chief Executive Officer Hal Allen.  "The addition of Kaman's broad array of electrical, fluid power, and conveying product lines to our current offering will be a welcome addition and allow us to become an even more important strategic supplier to customers in the South Central market."

Neal J. Keating, chairman, president and chief executive officer of Kaman Corporation, added, "This transaction demonstrates our commitment to continue to make strategic acquisitions when and where they make sense, and Kaman continues to be well capitalized and positioned to invest in our business for the long-term.  We see the melding of Allied 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."

KIT is the third largest distributor of power transmission and motion control products in North America.  The company operates nearly 200 branches, distribution centers and customer service centers across the U. S., Canada, Mexico, and Puerto Rico.  It offers approximately three million items as well as value-added services to a base of about 50,000 customers representing a highly diversified cross section of North American industry.  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.  

SOURCE Kaman Corporation

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