Kaman Aerospace Group, Inc., a subsidiary of Kaman Corp. (NYSE: KAMN), Bloomfield, CT, and Kineco Private Limited have agreed to form a manufacturing company in India. The venture will be based in Goa and will manufacture advanced composite structures for aerospace, medical and other industries. Financial terms of the transaction were not disclosed.
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\”This is a further step in our Group’s strategy for our composites business,\” Gregory L. Steiner, president of Kaman Aerospace Group, said. \”Kineco brings strong local knowledge and business relationships and when combined with our international customer base we anticipate major opportunities in both commercial and defense applications.\”
The new company, to be known as Kineco Kaman Composites – India will initially be constituted from Kineco’s existing Goa manufacturing facility, which employs approximately 150 people.
\”This venture is an excellent strategic development for both parties, and will allow Kineco and Kaman to accelerate their growth plans and enable us to participate in the global market, including offset opportunities arising from major defense spending by the Indian government,\” said Shekhar Sardessai, managing director of Kineco Private Limited.
