Posted February 25, 2010
Kaman to acquire Allied Bearings Supply
Kaman Industrial Technologies Corporation (KIT) has agreed to acquire Allied Bearings Supply Company of Tulsa, Okla.
Allied will become part of KIT, Kaman's Industrial Distribution Segment. The transaction is expected to close on April 5, 2010 and terms were not disclosed.
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, Okla.; Fort Smith, Ark.; and Houston, Texas. The company had annual sales of approximately $22 million in the fiscal year ended Oct. 31, 2009.
"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," said T. Jack Cahill, KIT president.
"Allied has a storied history and joining Kaman will ensure a continued high level of customer support and service and will provide many of Allied's employees with substantial opportunities for professional growth and development," said Allied chairman and CEO Hal Allen. "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."
