Kaman buys Puerto Rican fluid power distributor
Industrial Distribution staff -- Industrial Distribution, 10/7/2008 6:29:00 AM
A pair of fluid power distributors merged as Kaman Industrial Technologies Corp. acquired Industrial Rubber and Mechanics Inc. of Puerto Rico for an undisclosed amount.IRM distributes fluid power products, industrial and hydraulic hoses, belting and conveyer systems, PVF products and packaging machinery to the beverage, pharmaceutical, cement and aggregate markets. The company, which posts annual sales of roughly $13 million, also manufactures hydraulic hose, has a branch and regional distribution facility in Gurabo and branches in Bayamon, Ponce and Mayaguez.
“InRuMec is a great addition to Kaman and provides further evidence of our ability to execute our corporate strategy of accelerating the growth of [Kaman Industrial Technologies] by expanding our geographic footprint to service our customers wherever they operate in North America. It also adds to our existing fluid power capabilities,” said Neal Keating, chairman, president and CEO of parent company Kaman Corp. “This transaction demonstrates our commitment to continue to make strategic acquisitions when and where they make sense. Despite the current difficult economic environment and turmoil in the capital markets Kaman is well capitalized and positioned to invest in our businesses for the long-term.”
Kaman ranked 15th on INDUSTRIAL DISTRIBUTION's 2008 Big 50 list of distributors, with 2007 sales of $700 million.
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