Kaman and Kineco Sign Agreement to Form a Joint Venture in India
BLOOMFIELD, Conn. & GOA, India--(BUSINESS WIRE)-- Kaman Aerospace Group, Inc., a subsidiary of Kaman Corporation (NYS: KAMN) , and Kineco Private Limited today announced that they have signed a definitive agreement to form a manufacturing joint venture (JV) in India. The new company will be named Kineco Kaman Composites - India Pvt. Ltd. The venture is based in Goa and will manufacture advanced composite structures for aerospace, imaging/medical and other industries.
Gregory L. Steiner, President of Kaman Aerospace Group, commented, "This venture comes together with the strength of a mutually shared vision that will drive and focus the JV to provide outstanding composite structures manufacturing solutions for our customers around the world. This strategic step is in keeping with our vision to provide our customers with a complete aerosystem solution. Our customers will benefit with a Kaman "One Stop" full complement of seamless services including design, tooling, testing, certification, low rate initial production, through steady state high velocity production. In addition, mature processes with high labor content will serve as key potential opportunities to provide our customers with future step down pricing."
Shekhar Sardessai, Chairman and Managing Director of Kineco Private Limited commented, "The partnership between Kineco and Kaman is a unique and special one. This JV formation has the potential to become an extraordinary event for Indian business and the global aerospace industry. This relationship will foster and develop opportunities for both companies from uncharted territories."
The joint venture will conduct its operations out of the existing Kineco composites manufacturing facility in Goa, and is expected to initially employ approximately 50 experienced composite manufacturing employees, who are already producing complex composite structures utilizing the latest carbon material and autoclave curing technology. The business will be further enhanced by Kaman's proven manufacturing know-how and decades of aerospace composites fabrication experience.
About Kaman Aerospace Group
Kaman Aerospace Group is a subsidiary of Kaman Corporation (NYSE-KAMN). The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; and support for the company's SH-2G Super Seasprite maritime helicopters and K-MAX medium-to-heavy lift helicopters. 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. More information is available at http://www.kaman.com.
About Kineco Private Limited
Kineco is a first generation entrepreneurial company founded by Mr. Shekhar Sardessai and was incorporated in 1994 and currently employees more than 150 people. It is one of India's leading composites manufacturing companies with a strong presence and focus on the aerospace and defense industry. Kineco, as a company, has a legacy of innovation, development and commercialization of composite products. It has two operational facilities with total manufacturing space of 150,000 square feet. The company caters to a wide range of industries such as; railways, aerospace, defense, mass transportation, process, and marine.
Kaman Aerospace Group
E. Richard Thorley, +917798882503
Strategy and Development Director
Kineco Private Limited
Dananjay Dodtumkur, +919916328263
VP, Strategy and Growth
KEYWORDS: United States Asia Pacific North America Connecticut India
The article Kaman and Kineco Sign Agreement to Form a Joint Venture in India originally appeared on Fool.com.
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