Kaman Corporation announced that its subsidiary, Kaman Aerospace Group has entered into an agreement to acquire Vermont Composites Inc.
Vermont Composites design and manufacture composite aerostructures and advanced composite medical equipment based in Bennington, Vermont.
Gregory L. Steiner, President of Kaman Aerospace Group said:
This is an excellent acquisition for Kaman that advances the strategy for our Composites business. Vermont Composites has developed a reputation as an innovative, leading-edge technology company. They have demonstrated solid growth and bring strong relationships with prime manufacturers. The acquisition accelerates our overall growth, further diversifies our platform positions, and enhances our standing in the higher-growth markets for composite structures, particularly in the intelligence, surveillance and reconnaissance sectors. Vermont Composites also brings a strong management team and dedicated employees skilled in design and manufacturing of high-technology composite products.
Established in 1979, Vermont Composites is expected to generate sales of $32 million for 2011, and has approximately 230 employees. Vermont Composites has high profile positions on a number of major aerospace platforms including V-22 Osprey, P-8 Poseidon, C-130 Hercules, MH-60 BLACK HAWK and various UAVs.
The senior management team of Vermont Composites, including its President and CEO, Patrick J. Wheeler, have agreed to continue their employment with Kaman. Vermont Composites will become part of the Kaman Composites Division, led by President James C. Larwood, who commented;
This acquisition is a great fit for Kaman and supports our strategy of supplementing our ongoing growth with targeted, strategic acquisitions. It expands our presence onto a number of additional platforms with solid growth prospects. I am pleased that Pat and his team have agreed to become part of the Kaman family, and look forward to working with them.
The transaction is expected to close in early November.
Kaman KamanAerospaceHead Office 1332 Blue Hills Avenue Bloomfield, CT 06002 USAwork
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Kaman Corporation is a diversified company that conducts business in the aerospace and industrial distribution markets. The Company operates in two segments: Industrial Distribution and Aerospace. The Industrial Distribution includes Kaman Industrial Technologies Corporation (KIT). The Aerospace Segment is a manufacturer and subcontractor in the international, commercial and military aerospace and defense markets. The Company’s programs and products lines include A-10, bearings, BLACK HAWK, Egypt SH-2G(E), C-17, FMU-152 – Joint Programmable Fuze (JPF), MH-92 and 777 / 767. During the year ended December 31, 2010, the Company opened an aerospace manufacturing facility in Chihuahua, Mexico. During 2010, the Company acquired the assets of Fawick de Mexico, S.A. de C. V. (Fawick); acquired Allied Bearings Supply Company (Allied); acquired Minarik Corporation (Minarik), and acquired Global Aerosystems, LLC (Global).
Vermont Composites Vermont CompositesHead Office 25 Performance Drive Bennington, VT 05201-1947 USAwork Phone: (802) 442-9964work Fax: (802) 447-3642workfax Email: BusDev@vtcomposites.comINTERNET
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1979 – Vermont Composites, Inc. was formed as a joint venture between UK based Fothergill & Harvey and Oak Industries of Hoosick Falls, NY. The first plant was located in Bennington, VT.
1981 – Oak Industries sold its share back to Fothergill & Harvey. The business was moved to a new 30,000 square foot plant in Bennington in 1983.
1987 – UK based Courtaulds Advanced Materials purchased Fothergill & Harvey and renamed the Bennington operation Courtaulds Aerospace.
1996 – Seven members of the management team purchased the Bennington operation and renamed it Vermont Composites, Inc.
2004 – Kline Hawkes became the majority shareholder of Vermont Composites.
2005 – Vermont Composites moved to a new headquarters facility that consists of 85,000 square feet of manufacturing and office space located in Bennington, Vermont.
2006 – Vermont Composites sold its Automotive Composite Parts Business to Plasan USA. See Press Release.
2008 – Vermont Composites opened a new Training Center to provide business focused training for all Vermont Composites team members. (Link to press release) Vermont Composites gained Nadcap Accreditation for Composites, AC7118, Rev. A, which includes prepreg/adhesive bonding, metal bonding and core processing.
2011 – Vermont Composites joins Kaman Aerospace Group to enhance its scale, strength and global reach.
Today, Vermont Composites continues its strong growth. We service a growing number of premier aerospace, medical, and industrial clients on a world-wide basis. We currently have over 225 employees.