BLOOMFIELD, Conn.--(BUSINESS WIRE)--(NYSE:KAMN) Kaman Corporation has announced that its subsidiary, Kaman Aerospace Corporation (Kaman), has sold its former manufacturing facility in Moosup, Connecticut, which has been idle since 2004, to TD Development, LLC. In connection with the sale, Kaman will contribute $4 million in cash over a four year period to fund environmental remediation work that is expected to be done on the property, and expects to take a related pre-tax charge of approximately $2.2 million in the third quarter. Further terms of the transaction were not disclosed.
This release includes "forward looking statements" relating to the business transaction described above. These statements are based on assumptions currently believed to be valid, but they involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements. Important uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.