Kaman Industrial Technologies Corporation (KIT) today announced that it
has sold its seven Canadian branches to Wajax Industrial Components, a
leading Canadian national industrial distributor.
"We are pleased that we were able to find a good home for our Canadian
employees with the Wajax organization. We were sub-scale in Canada with
limited opportunities to grow through acquisition. We have worked with
Wajax in the past and we look forward to strengthening that relationship
in the future," stated Steve Smidler, President of KIT.
The operations divested by KIT had 2012 sales of approximately $20
million (U.S. Dollars). Terms of the transaction were not disclosed.
Kaman Industrial Technologies Corporation is one of two operating
Segments of Kaman Corporation (NYSE: KAMN). KIT is a distributor and
service provider to North American industry from more than 230 locations
and 5 distribution centers in three business platforms; Electrical and
Automation Control, MRO-Bearings and Power Transmission, and Fluid
Power. The company provides a commitment of technological leadership and
value-added services to industry. KIT's core business lies in the supply
and application of standard components, in addition to offering
customers single-source responsibility and accountability for each
product line. Kaman Corporation, founded in 1945 by aviation pioneer
Charles H. Kaman, and headquartered in Bloomfield, Connecticut also
conducts business in the aerospace market. More information is available
Wajax Industrial Components is a wholly owned division of Wajax
Corporation, a leading industrial distributor. Wajax is a Canadian
business which has been in operation for 154 years. Its common shares
are listed and traded on the Toronto Stock Exchange under the symbol
"WJX". Wajax Industrial Components now operates a total of 65 branches
in Canada, employing more than 750 people, and represents such
market-leading brands as SKF, Schaeffler Canada, Timken, Renold, Emerson
Power Transmission, Martin Sprocket, Rexnord, Eaton, Parker Hannifin,
Moyno, Cuno and Honeywell. Globally sourced commodity products are
available under the National and Hy-Spec private label brand names.
Wajax Industrial Components also operates 13 certified service and
repair centers strategically located across Canada. Specialized
engineers and technicians deliver value-added services such as design
and fabrication, equipment selection, failure analysis, on-site support
and reverse engineering. Clients come from sectors as diverse as mining
and aggregates, oil and gas, primary metals, forestry, utilities, and
construction, to name a few. More information is available at www.wajaxindustrial.com.
Eric Remington, 860-243-6334