Kaman and Kineco Announce Agreement to Form a Joint Venture in India
BLOOMFIELD, Conn. & GOA, India--(BUSINESS WIRE)--
Kaman Aerospace Group, Inc., a subsidiary of Kaman Corporation (NYSE: KAMN - News) and Kineco Private Limited today announced that they have entered into an agreement to form a manufacturing company in India. The venture will be based in Goa and will manufacture advanced composite structures for aerospace, medical and other industries.
Gregory L. Steiner, President of Kaman Aerospace Group, commented, "This is a further step in our Group's strategy for our composites business. Kineco brings strong local knowledge and business relationships and when combined with our international customer base we anticipate major opportunities in both commercial and defense applications."
Shekhar Sardessai, Chairman and Managing Director of Kineco Private Limited commented, "This venture is an excellent strategic development for both parties, and will allow Kineco and Kaman to accelerate their growth plans and enable us to participate in the global market, including offset opportunities arising from major defense spending by the Indian government. We are excited at Kineco to be joining forces with a substantial and well respected international partner in Kaman and we are looking forward to achieving significant strategic benefits from this combination, which will allow us to better serve our customers' growing needs."
The new company, to be known as Kineco Kaman Composites - India will initially be constituted from Kineco's existing Goa manufacturing facility, which employs approximately 150 people and already produces complex composite structures utilizing the latest carbon material and autoclave curing technology. This facility and the capabilities of both partners will form a solid foundation for future growth. Financial terms of the transaction have not been disclosed and completion is subject to due diligence.
About Kaman Aerospace Group
Kaman Aerospace Group is a subsidiary of Kaman Corporation (NYSE:KAMN - News). The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; and support for the company's SH-2G Super Seasprite maritime helicopters and K-MAX medium-to-heavy lift helicopters. Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. More information is available at http://www.kaman.com.
About Kineco Private Limited
Kineco is a first generation entrepreneurial company founded by Mr. Shekhar Sardessai and was incorporated in 1994 and currently employs more than 150 people. It is a one of India's leading composites manufacturing companies with a strong presence and focus on the aerospace and defence industry. Kineco as a company has a legacy of innovation, development and commercialization of composite products. It has two operational facilities with total manufacturing space of 150,000 square feet. The company caters to a wide range of industries such as, railways, aerospace, defense, mass transportation, process, and marine.