4 Hartford Business Journal • February 8, 2016 www.HartfordBusiness.com
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Kaman
As a result, Kaman was forced to lower
its sales projection for its power-distribution
hardware segment, which primarily serves
original equipment makers, including ones
in the slumping oil and gas sector. Aerospace
sales projections, too, dropped.
On the plus side, however, Kaman boosted
its third-quarter gross margin — to 30 per-
cent — and incurred lower operating expens-
es than the third quarter of 2014.
Extracting more value from its products and
lower overhead enabled Kaman to ply its coffers
with $84.8 million in net cash in the first nine
months of 2015, nearly double the sum Kaman
drew from operations in the comparable 2014
period, according to market analyst Zack.com.
The company wasted little time redeploy-
ing some of its cash into deals. In rapid succes-
sion, Kaman in October bought Timken Alcor
Aerospace Technologies Inc., a Mesa, Ariz.,
maker-supplier of aftermarket parts used for
aircraft maintenance and overhaul.
In November, it closed on two more deals:
Calkins Fluid Power Inc., a Spokane, Wash.,
distributor of fluid-power components and
systems; and Germany's GRW Bearing,
whose miniature ballbearings, Keating says,
enable it to sate the strong aerospace demand
Kaman is seeing, particularly from European
jetmaker Airbus, for specialty bearings with
a proprietary coating that renders them
"maintenance-free.''
Those deals, Keating said, while infusing
Kaman with technology and talent, were done
primarily to fulfill Kaman's aim to be "closer
to our customers.''
Later this spring, Keating said Kaman will
begin work on its Bloomfield campus, to expand
its bearings operations with the installation of
more sophisticated production machinery. A
small volume of net new hires may also occur,
he said. That's on top of a new bearings facility
Kaman erected in Germany and the opening of
its aerospace-tooling and manufacturing facil-
ity in the United Kingdom, both in 2014.
2015 also saw Kaman return to full, unin-
terrupted production of its joint program-
mable fuzes to arm U.S. and allies' warplane
bombloads. For brief periods in previous
years, Kaman was forced to halt fuze pro-
duction while fixes were made to an outside
firm's design of the arming devices.
The good news, Keating said, was that 99
percent of the fuzes Kaman shipped to the
U.S. military and its allies performed reliably,
with most of the defective fuzes identified
before they landed in the field.
"We take very seriously our responsibil-
ity to those [armed forces] men and women,''
Keating said. n
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