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.