Kaman Corporation (NYSE:KAMN) announced today the completion of the acquisition of substantially all of the assets and certain liabilities of Zeller Corporation (“Zeller”) by Kaman’s subsidiary, Kaman Industrial Technologies Corporation (KIT). Terms of the transaction were not disclosed.
The acquisition of Zeller’s business expands KIT’s capabilities in electrical, automation and engineered systems, including motion control, machine vision, electrical controls and power distribution. The acquisition increases KIT’s significant field based application engineering force with an additional 60 degreed engineers. Zeller operates from locations in Rochester, Syracuse, and Buffalo, New York; Foxborough, Massachusetts and Winston-Salem, North Carolina. The acquired Zeller business is a premier Schneider Electric distribution partner and represents many important quality manufacturers including Kollmorgen, Phoenix Contact, Rittal and Sick. Approximately 240 former Zeller employees have joined Kaman. The business expects full year 2012 sales of approximately $80 million.
Steve Smidler, President of KIT, stated, "In the weeks since we first announced this transaction, we have had an opportunity to meet a broader cross section of the Zeller team and continue to be impressed with their quality management systems and operational capabilities. Zeller’s reputation in the marketplace and its customer relationships are strong. The deep engineering expertise of the acquired Zeller business coupled with Kaman’s broad national reach and complementary product lines create an outstanding solution for customers. The Zeller acquisition provides us with strong positions in water/wastewater and machine builder end markets with an even balance of OEM and MRO customers. The Zeller business is a great addition to our motion and automation control product platform and will help us continue to deliver quality products and solutions to our customers.”
Gary Haseley, President, Zeller Corporation remarked, “We are pleased to see the Zeller business become part of the Kaman team. The reaction to this transaction among our employees, suppliers and customers has been extremely positive. We are proud to have the Zeller business join an organization with the stature and history of Kaman. The business is already exploring growth opportunities with customers and suppliers.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV