BLOOMFIELD, Conn. - Kaman Aerospace Group has entered into an agreement to acquire Timken Alcor Aerospace Technologies Inc (TAAT) of Mesa, Arizona from The Timken Company. TAAT designs and supplies aftermarket parts to support businesses conducting maintenance, repair and overhaul (MRO) in aerospace markets primarily located in North America.
Greg Steiner, President of Kaman Aerospace Group, said, "This is a solid company that nicely complements the aftermarket business of our Specialty Bearings & Engineered Products division. TAAT has demonstrated consistent financial performance and offers engineered products that are adjacent and complementary to Kaman's current offerings."
Kaman indicated that important factors in its decision to acquire TAAT include organic growth opportunities, a robust quality system, engineering expertise, and strong relationships with engine MRO providers and fleet operators of helicopters and fixed-wing aircraft. Kaman expects TAAT to achieve further growth through Kaman's global sales channels.
Plans call for TAAT to become part of Kaman's Specialty Bearings & Engineered Products division. The operation is to remain in Mesa with the current management team and employee base.
TAAT has annual sales of approximately $20 million. The transaction is expected to close later this month.
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