May 5 2010
The national automation and motion control distributor Minarik has been acquired by Kaman Industrial Technologies (KIT) who is Kaman Corporation’s subsidiary. Minarik was acquired for $39 million and generated revenues for the year ending December 31, 2009 of about $84 million.
Minarik offers an exhaustive range of leading automation control, motors, drives and sensor brands in the U.S. for manufacturers. This Glendale, California-headquartered company has 16 branches that cater to most of U.S. high tech manufacturing markets. Minarik now forms part of the Industrial Distribution Segment of Kaman Corporation.
KIT, the third biggest motion control and power transmission products distributor in North America, has about 200 branches, customer service centers and distribution centers across Canada, Mexico, Puerto Rico and the U.S.
Kaman Corporation’s CEO, Chairman and President Neal J. Keating, added that Minarik is Kaman’s ideal strategic fit as it is the only national distributor for automation and motion control industries.
Jack Cahill, President of KIT, informed that this acquisition will allow KIT to help its customers to exercise better process control, improve productivity and lower operating expenses. The acquisition will also help KIT increase the support levels for its customers in the North American motion control product market.
Minarik’s President John Hegel added that the financial strength of Kaman will enable Minarik to quickly improve its national motion control footprint in important industry segments and geographic regions.
Source: http://www.kaman.com