Kaman Corporation ("Kaman") (NASDAQ-GS: KAMN) today announced that it has agreed to acquire Global Aerosystems, LLC ("Global") of Everett, Washington, a provider of aerostructure engineering design analysis and FAA certification services to the aerospace industry.
Greg Steiner, President of the Kaman Aerospace Group stated, "We are pleased to welcome the employees of Global Aerosystems to Kaman and we look forward to working together to offer expanded capabilities to the aerospace industry. The Global workforce of more than 120 aerospace engineers is widely respected in the fields of aircraft design and stress analysis. Kaman has been a quality supplier of aerostructure components, assemblies, and subassemblies for more than fifty years. Together, we can now provide seamless services, from origination and concept design through component manufacturing, assembly, certification and post production support. Combined we will be able to take on responsibility for engineering design and production of aerostructure assemblies to produce both metallic and composite component fabrications and subassemblies."
Neal Keating, Chairman, President and Chief Executive Officer of Kaman Corporation added, "Chuck Rhoden, President and Chief Executive Officer at Global Aerosystems and his team have provided critical engineering and design services to Boeing and we look forward to working to expand this valuable teaming relationship with this important customer. The acquisition of Global represents Kaman's fourth acquisition in 2010 and continues our effort to add critical skill-sets and capabilities that will allow us to accelerate our organic growth and deliver more value added services to support our customers."
Global, an employee-owned firm, is expected to have sales in 2010 of approximately $20 million. The company is a supplier of engineering and design services to Boeing and Kawasaki Heavy Industries. Other customers include Mitsubishi Aircraft Corporation, Mitsubishi Heavy Industries, Bombardier, Aviation Partners Boeing and the Department of Defense. The transaction is expected to close on or about December 10, 2010. Exvere, Inc. acted as financial advisor to Global. Terms were not disclosed.
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