This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kaman Industrial Technologies Acquires Florida Bearings, Inc.

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.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs