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.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts