Kaman Acquires Industrial Supplies

Kaman Industrial Technologies Inc. (USA, a subsidiary of Kaman Corp.), a major North American industrial and aerospace product distributor, will acquire privately-held Industrial Supplies Inc. (ISI; Alabama, USA). Founded in 1946, ISI distributes bearings, power transmission and fluid power products to industrial customers across the Southeast United States from five locations in Alabama and Florida. ISI currently employs about 100 people and had 2002 sales of approximately $28 million. Kaman Industrial Technologies is one of the largest U.S. distributors of bearings, power transmission and motion control products. Stocking more than 1.5 million products, Kaman has 175 locations across North America. 2002 sales were USD $881 million, with a net loss of $33.5 million. Kaman President and CEO, Paul Kuhn, said, "The acquisition of this business expands our presence in the increasingly important Southeast industrial market. With the addition of Birmingham, Kaman now serves 68 of the top 100 industrial markets in the United States, and it is our intent to grow this segment of the company by expanding into additional areas that enhance our ability to compete for large regional and national accounts." Details of the acquisition were not revealed; it is expected to close during fourth quarter 2003.