Kaman Corp., Bloomfield, CT, today announced that its subsidiary, Kaman Industrial Technologies Corp., has agreed to acquire Industrial Supply Corp., Richmond, VA. ISC will become part of Kaman's industrial distribution segment. ISC has annual sales of about $55 million.
Kaman Industrial Technologies had $700 million in sales in 2007.
Kaman is a distributor of power transmission and motion control products in North America. The company operates nearly 200 branches, distribution centers and customer service centers across the U. S., Canada and Mexico.
ISC, founded in 1933, is a distributor of power transmission, fluid power, material handling and industrial MRO supply products to such diverse markets as ship building, printing, machinery, transportation, electronics, pharmaceutical, rubber, chemicals and food processing. In addition to its Richmond facility, ISC has five branches located in Norfolk, Roanoke and Waynesboro, VA, and in Wilson and High Point, NC.
This acquisition supports our corporate strategy of accelerating the growth of KIT by expanding our geographic footprint in major industrial markets throughout North America," said Neal J. Keating, president and CEO of Kaman Corp. "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."
Kaman recently sold its music distribution business.