BLOOMFIELD, Conn.– Kaman Corporation announced that its subsidiary Kaman Industrial Technologies Corporation (KIT), has acquired Minarik Corporation (Minarik).
The transaction closed on April 30, 2010 and Minarik is now part of Kaman’s Industrial Distribution Segment.
Minarik, founded in 1952, is a national distributor of motion control and automation products. The company has one of the most complete offerings in the industry including many of the leading brands of sensors, drives, motors and automation control products serving U.S. manufacturers. Headquartered in Glendale, Calif., Minarik operates from sixteen branch locations in many of the high tech manufacturing markets in the U.S. The company, which was acquired for a purchase price of $39 million, generated sales of approximately $84 million during the year ended Dec. 31, 2009.
“We are very pleased to welcome the Minarik team of more than two hundred employees to our Kaman Industrial Technologies family,” said T. Jack Cahill, President of KIT. “The acquisition of Minarik will allow us to better serve our customers in their quest to increase productivity, better control their processes, and reduce operating costs; and the acquisition will result in better levels of support for motion control product customers throughout North America. The combination also more effectively balances our business between OEM and MRO markets.”
John Hegel, President of Minarik, had this to say about the acquisition:
“(It) provides Minarik with an outstanding opportunity to continue the expansion that we have experienced over the last ten years,” he stated. “KIT will help open up additional markets and customers to Minarik and Minarik will bring a high level of motion control expertise to KIT. With Kaman’s financial strength Minarik can enhance its national motion control footprint more quickly into key geographic areas and industry segments.”
Neal J. Keating, Chairman, President and Chief Executive Officer of Kaman Corporation, added his thoughts on the acquisition.
“As the only national distributor focused on the motion control and automation industries, Minarik is a great strategic fit for Kaman, increasing our geographic footprint and served market,” said Keating. “It also increases our scale allowing us to further leverage our existing infrastructure. It will provide a complementary platform upon which we can significantly expand our product breadth, complement our core power transmission product lines, and further differentiate Kaman in the market place.”