(By Balaseshan) Kaman Corp. (NYSE:KAMN), which conducts business in the aerospace and industrial distribution markets, said it has agreed to buy the assets of Zeller Corp. for an undisclosed sum.
The company said the assets of Zeller are acquired by its subsidiary Kaman Industrial Technologies Corp. (KIT). The acquisition is expected to close in the third quarter.
Kaman said the acquisition of Zeller is a very exciting addition for the company and its KIT distribution business, extends and expands automation and motion control product portfolio to include electrical controls and power distribution.
"We are also excited to welcome the strong management team and workforce at Zeller, led by Gary Haseley to the Kaman family. The Zeller team will enhance our ability to serve our customers and will bring a number of new tools and capabilities to the Kaman organization," said Neal Keating, Chief Executive of Kaman.
Zeller is a value added distributor of electrical and automation components and solutions, including motion control, programmable logic controller (PLC) based automation, machine vision, electrical controls and power distribution products. Zeller expects 2012 sales of about $80 million for the full year.
A premier Schneider Electric distribution partner, Zeller also represents other quality manufacturers including Kollmorgen, Phoenix Contact, Rittal and Sick. Zeller employs 240 people, including 60 degreed engineers, and has operations in Rochester, Syracuse and Buffalo, New York; Foxboro, Massachusetts; and Winston-Salem, North Carolina.
KAMN is trading down 0.02% at $32.39 on Monday. The stock has been trading between $25.73 and $35.86 for the past 52 weeks.