Kaman Corp. has completed the sale of its distribution segment to affiliates of Littlejohn & Co. for total cash consideration of $700 million, excluding certain working capital adjustments.
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Kaman is a premier designer and manufacturer of critical components, structures, and systems for commercial, military and industrial customers through its Aerospace business, and operates 14 facilities around the world with approximately 3,000 employees.
“The completion of the sale of our distribution segment marks a return to Kaman’s roots as a highly focused aerospace and engineered products company,” said Neal J. Keating, chairman, president and CEO. “With a stronger balance sheet and increased financial flexibility, Kaman is well positioned to invest in new technologies, to deliver innovative solutions that meet our customers’ needs, and to pursue strategic acquisition opportunities that will accelerate our future growth.”
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Kaman plans to use proceeds from the transaction to pay down debt outstanding under its credit facility, accelerate internal development efforts, pursue strategic acquisitions focused on attractive engineered product end markets and continue returning capital to shareholders.
