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MDM Interview: Kaman’s Expansion Strategy

On Nov. 1, Kaman Corp., Bloomfield, CT, reported third-quarter sales of $359.5 million. A key driver behind that sales growth was Kaman Industrial Technologies, the power transmission, bearing and motion control distribution arm of Kaman Corp., which posted a year-over-year sales increase of 37 percent in the quarter.

Steve Smidler recently took on the role of president at Kaman Industrial Technologies when T. Jack Cahill retired after serving in that post for 17 years. Smidler and Vice President of Marketing David Mayer spoke with MDM Associate Editor Jenel Stelton-Holtmeier at the Power Transmission Distributors Association 50th Anniversary Industry Summit in Phoenix about Kaman’s goals and the outlook for the industry.

MDM: As the new president of Kaman Industrial Technologies, what are your goals for the company, and how will your experience help you attain those goals?

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Kaman Sales Increase 24% in Third Quarter
Industrial Distribution segment sales increased 37 percent over third quarter 2009.
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Kaman Corp. Profit Up 31.9% in 2Q

Bloomfield, CT-based Kaman Corp. reported sales for the second quarter were $293.2 million, down 7.3% from second quarter 2008. Profit increased 31.9% to $9.4 million. Sales for the first half of 2009 were $587.3 million, down 2.5% from the first half of last year. Profit decreased 1.3% to $14.8 million.

Industrial Distribution second quarter segment sales were $156.0, a decrease of 23.3% from the prior year. The segment's sales reflect the continued difficult economic environment and resultant weak market conditions in addition to a very strong comparative period in 2008 which experienced a sales increase of 16.5%. For the six-month period, sales in the Industrial Distribution segment totaled $332.9 million, compared with $385.5 million in the year ago period. Organic growth ...

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Kaman Sales Up 2.9% In 1Q
Kaman Corp., Bloomfield, CT, reported sales for the first quarter ended April 3, 2009, were $294 million, up 2.9% from first quarter 2008. Profit declined 39.3% to $5.4 million. Stability in the Aerospace group offset slower sales from the Industrial Distribution segment.
 
"The impact of the current economic environment is being felt industry-wide, and KIT is no exception. The market softness we experienced at the end of 2008 continued in the first quarter of 2009, said T. Jack Cahill, president of Kaman Industrial Technologies. In response, we have taken a number of actions to reduce our operating costs, scale the business to match the marketplace conditions and protect profitability, with the costs of some of these steps affecting segment performance ...
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Kaman Corp. Sales Up 16.2% In 4Q
Kaman Corp., Bloomfield, CT, reported fourth quarter sales of $316.4 million, an increase of 16.2% over fourth quarter 2007. Profit declined 71.8% to $6.8 million. Continued operating issues at the Wichita facility, softening of sales in the Industrial Distribution business, and lower margins in the Specialty Bearings segment on lower volume contributed to the lower earnings.
 
For the full year 2008, Kaman reported sales of $1.25 billion, an increase of 15.4% over 2007 sales. Profit declined 36.3% to $35.6 million.  The increase in sales was comprised of organic growth of 8.4% and growth from acquisitions of 7.0%.
 
Aerostructure segment sales were $43.9 million in the fourth quarter, compared to $28.1 million in fourth quarter 2007. Sales growth of 56% ...
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Kaman Acquires Brookhouse Holdings
Kaman Corp., Bloomfield, CT, announced its subsidiary, Kaman Aerospace Group, Inc. has acquired Brookhouse Holdings, Ltd., manufacturer of composite aerostructures, aerospace tooling, and repair and overhaul services based in Darwen, Lancashire, England. The purchase price was 43 million pounds sterling (US$85.1 million) in cash.
 
The acquisition accelerates Kaman Aerospace's Aerostructures segment growth, as well as diversified its platform positions in military and commercial markets and in the higher-growth markets for composite structures.
 
Brookhouse had sales of $54.9 million for the fiscal year ended Sept. 30, 2007, has 450 employees at two sites and operates in three businesses units: Composites, Tooling and Aftermarket Services.
 
Sales to ...
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Kaman to Acquire Industrial Supply Corp.
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, ...
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Kaman to Shed Music Business
Kaman Corp., Bloomfield, CT, is sharpening its focus on the aerospace and industrial distribution segments by selling its wholly owned subsidiary Kaman Music Corp. to Fender Musical Instruments Corp., Scottsdale, AZ, for $117 million in cash.
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KMC, which comprises the company's entire Music segment, owns Ovation Guitars, LP and Toca hand percussion products, Gibraltar Hardware, Genz Benz Amplification, Hamer Guitars, and is the U.S. sales representative for Sabian Cymbals, and worldwide distributor of Takamine Guitars and Gretsch Drums. &nbsp ;
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Privately held Fender is an electric guitar manufacturer. In addition to owning the world-renowned Fender brand name, FMIC also owns Guild guitars, Charvel Guitars, Jackson Guitars, SWR Bass Amplification, Tacoma ...
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Kaman Taps Former Hughes COO as New President
Kaman Corp., Bloomfield, CT, has tapped Neal J. Keating as the next president and chief operating officer of the company, effective Sept. 17, 2007. Keating will assume the additional role of CEO on or before Jan. 1, 2008.
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Keating, 51, will succeed Paul R. Kuhn, currently chairman, president and CEO. He is scheduled to retire on Feb. 21, 2008. Kuhn will retain the title of chairman until the date of his retirement.
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Keating was recently COO of Hughes Supply, a $5.4 billion industrial distributor that was sold to HD Supply in January 2006. He started his career with Rockwell Automation, rising over a 24-year period to executive vice president and COO of Rockwell Collins Commercial ...
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Kaman Sales Up 9.2% in 2Q
Kaman Corp. reported sales for the second quarter 2007 were $320 million, an increase of 9.2% from the second quarter 2006. Profit was $10.1 million, an increase of 34.4%.
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In the first half of 2007, the company reported sales of $637.7 million, an increase of 8.1% over the same period last year. Profit was $20.1 million, up 50.2%.
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Aerostructures sales for the second quarter were $23.3 million, compared to $17.1 million for the second quarter of 2006. Segment net sales for the first half of 2007 were $48.5 million, compared to $34 million for the first half 2006.
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Fuzing sales for the second quarter were $24 million, compared to $14.6 million in the same period a year ago. The increase was due primarily to a significant increase in shipments of ...

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