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For the first nine months of 2011, sales were $1.1 billion, up 17 percent over the prior year period. Profit increased 67 percent to $39.4 million.
Industrial Distribution segment sales increased 7.2 percent in the 2011 third quarter to $239.1 million. Market strength was broad based across most geographies, customers and end markets. Acquisitions contributed $1.1 million in sales in the quarter. On a sales per sales day basis, organic sales were up 6.7 percent over last year's third quarter.
Segment operating income for the third quarter of 2011 was $11.9 million, a 39.7 percent increase from the third quarter of 2010.
Aerospace segment sales were $117.4 million, a decrease of 13.9 percent from sales in the third quarter of 2010. Operating income for the third quarter of 2011 was $18.7 million, compared to operating income of $19.0 million in the 2010 third quarter.
Kaman Aerospace Group, Inc., has agreed to acquire Vermont Composites Inc., a manufacturer of composite aerostructures and advanced composite medical equipment based in Bennington, Vermont.
"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," said Gregory L. Steiner, president of Kaman Aerospace Group.
Vermont Composites is expected to generate sales of $32 million for 2011.
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| Title | Company | Location |
|---|---|---|
| Digital Strategy Manager | Border States Electric | Fargo North Dakota |
| Risk Manager | Border States Electric | Fargo ND |
| Purchasing Manager | PCA SKIN | Scottsdale, AZ |
| BUSINESS DEVELOPMENT MANAGER | Graybar Electric Company | Denver, CO |
| INDUSTRIAL OUTSIDE SALES REPRESENTATIVE | Graybar Electric Company | Phoenix, AZ |
| General Manager | Applied Industrial Technologies | Norfolk, VA |
| Rubber Specialist | Applied Industrial Technologies | Baltimore, MD |
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