Kaman Corp., Bloomfield, CT, (Nasdaq: KAMN) made its second acquisition announcement of the week. Kaman has agreed to acquire Allied Bearings Supply Company of Tulsa, OK.
Allied will become part of KIT, Kaman’s Industrial Distribution Segment. The transaction is expected to close at the start of April.
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Allied, founded in 1934, is a distributor of bearings, power transmission, material handling, and industrial supplies to such diverse markets as the oil, gas, refinery, drilling equipment, steel, cement, paper, and food industries. In addition to Tulsa, the company also has branches in Oklahoma City, Pryor, Ponca City, Ardmore and, Muskogee, OK; Fort Smith, AK; and Houston, TX. The company had annual sales of $22 million in the fiscal year ended Oct. 31, 2009.
T. Jack Cahill, President of KIT said: "This acquisition reinforces our stated commitment to balance organic growth with strategic acquisitions that help us to increase our scale and fill out our geographic footprint. The acquisition of Allied provides a strong position in Oklahoma and Arkansas and increases our exposure to the oil, gas and petrochemical industries. Most importantly Allied has a great reputation, strong customer relationships and a terrific group of dedicated employees that will integrate well with the Kaman family."
Allied Bearings CEO Hal Allen said: "The addition of Kaman’s broad array of electrical, fluid power, and conveying product lines to our current offering will be a welcome addition and allow us to become an even more important strategic supplier to customers in the South Central market."
KIT 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, Mexico, and Puerto Rico.