Kaman, a Bloomfield, Connecticut-headquartered company engaged in the aerospace and industrial distribution segments, declared that it has contracted an accord to buy Vermont Composites, a Bennington, Vermont-based company engaged in the design and production of advanced composite medical equipment and composite aerostructures. The acquisition is anticipated to get closed in the early part of November.
According to Gregory L. Steiner, Kaman Aerospace Group’s President, the acquisition is a part of the company’s growth strategy for its Composites business. Vermont Composites have established a strong growth and enjoys good rapport with important producers. The acquisition will further the total growth of the company and enable it advance its platform prospective and improve the standing of the company in higher level markets for composite structures in sectors such as reconnaissance, surveillance and intelligence. Also the acquisition of Vermont Composites will benefit the company with the strong management team and devoted employees having exceptional design skills and exposure in the production of advanced technology.
Established in 1979, Vermont Composites has around 230 employees and is anticipated yield a sale of around $32 million for 2011. The company enjoys a range of high profile positions on various key aerospace platforms such as MH-60 BLACK HAWK, C-130 Hercules, P-8 Poseidon, and V-22 Osprey in addition to a range of UAVs.