Aerospace parts manufacturer Kaman Corp. (NYSE: KAMN) has reached a deal to buy Timken Alcor Aerospace Technologies Inc. from industry counterpart Timken Co. (NYSE: TKR). Financial terms were not disclosed.
Timken Alcor makes aftermarket repair parts, such as metal bearings, for the aerospace industry. The division has about $20 million in annual sales. Timken announced plans in September 2014 to restructure and review strategic alternatives for the target in an effort to improve profits.
“This is a solid company that nicely complements the aftermarket business of our specialty bearings and engineered products division,” says Kaman aerospace group president Greg Steiner.
The acquisition of Timken Alcor follows other recent deals in the space including Heico Corp.’s (NYSE: HEI) recent purchase of Aerospace & Commercial Technologies and Warren Buffett’s Berkshire Hathaway Inc.’s $37 billion deal for Precision Castparts Corp.