Kaman Acquiring Industrial Supply Corp.
Resource from: CBCC Likes:2954
Apr 29,2008
Kaman Corp. (USA; NASDAQ) announced it is acquiring Industrial Supply Corp. (USA)
Founded in 1933, Industrial Supply distributes bearings, power transmission, fluid power, material handling and MRO products to a wide variety of industrial, maritime, pharma, chemical and food processing industries. Headquartered in Richmond, Virginia, ISC has five other branches: Norfolk, Roanoke and Waynesboro, Virginia; and Wilson and High Point, North Carolina. Annual sales are approximately $55 million.
ISC will become part of Kaman's Industrial Technologies division, and the management team will reportedly stay in place.
Recently focusing more resources to industrial distribution, Kaman is North America's third-largest distributor of bearings and power transmission products. KIT carries almost 3 million SKUs in 200 branches, DCs and customer service centers across the U. S., Canada and Mexico. KIT also offers a variety of value-added services. Kaman's other business unit is a key player in airframe components aerospace component supply markets.
Doug Sims, ISC President, said: "We are excited to become a part of Kaman and are extremely impressed by the success that they have achieved as a focused, innovative distributor of power transmission products. Kaman is well-known and highly regarded in the industry for delivering products and services that address the technical needs of their customer base and both of our business philosophies will, no doubt, mesh very seamlessly."
Neal Keating, Kaman's Chairman, President and CEO, said: "This acquisition supports our corporate strategy of accelerating the growth of KIT by expanding our geographic footprint in major industrial markets throughout North America. It will provide Kaman access to new markets, expand our offering of products and services, and increase our capability to service major national and regional customers. As importantly, we feel that ISC is also a great cultural fit and look forward to working with Doug Sims and the balance of the ISC team in building a stronger organization."
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