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PlasticFab composites business to be sold

SpecialChem / Dec 12, 2001
BLOOMFIELD, CT, Dec. 12 -- Kaman Corp., an aerospace and industrial distribution company, has reached an agreement to acquire Plastic Fabricating Co. Inc., a Wichita, KS, manufacturer of composite parts and assemblies for the aerospace industry. Terms of the deal were not disclosed.

PlasticFab, a privately-held company with estimated sales in excess of $14 million, is owned by HIG Capital LLC, a private equity investment firm based in Miami, FL.

PlasticFab, founded in 1948, is a leading supplier of custom engineered composites, advanced plastic components, and complex assemblies for commercial and military aerospace applications. Its largest customers include Boeing, Bell Helicopter Textron, Sikorsky Aircraft, Lockheed Martin, and Fuji Heavy Industries Ltd. The company employs approximately 180 people at its 150,000-sq-ft Wichita facility.

Paul Kuhn, president and chief executive officer of Kaman Corp., said the acquisition of PlasticFab is complementary to its existing composites and metal bonding operations. "The acquisition fits well with our overall strategy to grow and diversify our aerospace business," he added.

The transaction is expected to close by year end. When the deal is completed, PlasticFab will operate as a separate subsidiary within the aerostructures business unit of Kaman Aerospace Corp.


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