Kaman Corporation (NASDAQ-GS:KAMN) today announced that its subsidiary, Kaman Aerospace Group, Inc., has entered into an agreement to acquire Vermont Composites Inc., a leader in the design and manufacture of composite aerostructures and advanced composite medical equipment based in Bennington, Vermont.
Gregory L. Steiner, President of Kaman Aerospace Group commented, "This is an excellent acquisition for Kaman that advances the strategy for our Composites business. Vermont Composites has developed a reputation as an innovative, leading-edge technology company. They have demonstrated solid growth and bring strong relationships with prime manufacturers. The acquisition accelerates our overall growth, further diversifies our platform positions, and enhances our standing in the higher-growth markets for composite structures, particularly in the intelligence, surveillance and reconnaissance sectors. Vermont Composites also brings a strong management team and dedicated employees skilled in design and manufacturing of high-technology composite products.
Founded in 1979, Vermont Composites is expected to generate sales of $32 million for 2011, and has approximately 230 employees. Vermont Composites has high profile positions on a number of major aerospace platforms including V-22 Osprey, P-8 Poseidon, C-130 Hercules, MH-60 BLACK HAWK and various UAVs.
The senior management team of Vermont Composites, including its President and CEO, Patrick J. Wheeler, have agreed to continue their employment with Kaman. Vermont Composites will become part of the Kaman Composites Division, led by President James C. Larwood, who commented, "This acquisition is a great fit for Kaman and supports our strategy of supplementing our ongoing growth with targeted, strategic acquisitions. It expands our presence onto a number of additional platforms with solid growth prospects. I am pleased that Pat and his team have agreed to become part of the Kaman family, and look forward to working with them."
Mr. Wheeler said, "We are extremely pleased to be joining the Kaman organization. Kaman is an excellent home for Vermont Composites, and will enhance our ongoing growth plans, supported by their forward-looking culture, scale, and strong credibility. We envision significant strategic benefits from this combination which will allow us to even better serve our customers' needs. Our employees and experienced management team are looking forward to joining the Kaman organization and working together along with the county of Bennington and State of Vermont to capitalize on future opportunities.
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