Hartford Business Journal

HARTFORDBUSINESS.COM | JULY 8, 2024 19 chief executive said. "As we're marching towards that effort (to transform and refocus the company), we also recognized the fact that we had, at our size and scale, major sources of variation (within the business). And that, as a publicly traded company, is something that you need to avoid," Walsh said. By variation, he meant old business units that needed to be phased out — like the joint fuze program, which has left a revenue hole in Kaman's income statement — and the need to invest in new technology that will hopefully open future revenue streams. Walsh said Kaman is also in the process of identifying companies to potentially acquire later this year and next. Specifically, the company is looking to add to its engineered products business, which Walsh said has significant growth potential. The CEO said his team has also been looking at Arcline's existing portfolio of manufacturers, such as Ohio-based Hartzell Propeller, which makes aircraft propeller systems, for potential business opportunities and sharing of best practices. Connecticut commitment Walsh said he believes the overall "business energy" in Connecticut is getting better, and he appreciates the state's attempts to connect with the business community through groups like the Connecticut Business & Industry Association. He said Kaman's footprint in the state is important, and future Arcline acquisitions could mean Kaman grows locally. "Connecticut continues to work hard to make it a more economically attractive state to be in, but I think, as we've all acknowledged, there's a lot of work to do," Walsh said. Paul Lavoie, the state's chief manufacturing officer, has tried to ensure communications between the state and Kaman remain ongoing. Lavoie said his office, AdvanceCT and the state Office of Workforce Strategy have met with Walsh and other Kaman leaders to discuss future workforce development initia- tives "to make sure that they have the workforce that they need to continue to grow here in Connecticut." Connecticut officials plan to have another meeting with Walsh this month, Lavoie said. "We are deeply engaged with Kaman around making sure that they have access to all of the work- force development tools in the state of Connecticut to make sure that they continue to grow here as well," Lavoie said. "They know the state of Connecticut wants them to be here, wants them to grow here, and is willing to do whatever we can to support it." Kaman's next-generation of heavy-lift vehicles, the unmanned KARGO UAV (shown above and to the right), had their first test flight in December. CONTRIBUTED PHOTO & IMAGE Building Ideas That Work... 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