Kaman Announces Plan to Acquire Parker Distributor Northwest Hose & Fittings
Kaman Announces Plan to Acquire Parker Distributor Northwest Hose & Fittings
BLOOMFIELD, Conn.--(BUSINESS WIRE)-- Kaman Corporation (NYS: KAMN) today announced that its Distribution Segment (Kaman) has signed a definitive agreement to acquire substantially all the assets of Northwest Hose & Fittings, Inc. based in Spokane, Washington. The transaction is expected to close in the next few weeks. Terms were not disclosed.
Northwest Hose & Fittings, founded in 2000, is an authorized Parker distributor of hydraulic hose, fittings, adapters as well as couplers and industrial hose to a diverse group of industries such as the metals, agricultural, industrial machinery and equipment industries. Parker Hannifin Corporation is the global leader in motion and control technologies. The company also has locations in Yakima and Moses Lake, Washington and Coeur d'Alene, Idaho and operates Parker Stores at all of its locations. Annual sales for 2013 are expected to be approximately $8 million.
Steve Smidler, president of Kaman stated, "We are pleased that we have been able to expand our strategic relationship with Parker through the acquisition of Northwest Hose & Fittings. Not only does the company have a strong presence in several key markets that Kaman did not previously serve, they also have an excellent customer service ethic and technical expertise that should add nicely to our fluid power product platform. We expect excellent growth opportunities from the synergies of our product lines and customer bases."
John Olson, president of Northwest Hose stated, "We are thrilled to be joining a dynamic company like Kaman. We see tremendous growth and expansion opportunities throughout the Pacific Northwest and our product knowledge and reputation will match well with Kaman's strategy of customer service and technical excellence."
About Kaman Corporation
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. The company is a leading distributor of industrial parts, and operates more than 200 customer service centers and five distribution centers across North America. Kaman offers more than four million items including bearings, mechanical power transmission, electrical, material handling, motion control, fluid power, automation and MRO supplies to customers in virtually every industry. Kaman also provides engineering, design and support for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management. Additionally, 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. More information is available at www.kaman.com.
Kaman Corporation
Eric Remington, Vice President, Investor Relations, (860) 243-6334
eric.remington@kaman.com
or
Kaman Industrial Technologies Corporation
David Mayer, Vice President, Marketing & Services, (860) 687-5185
dave.mayer@kaman.com
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