Kaman to acquire Industrial Supply Corporation
Kaman Corp. recently announced that its subsidiary, Kaman Industrial Technologies Corporation has signed a definitive agreement to acquire Richmond, VA-based Industrial Supply Corporation.
Kaman Corp. recently announced that its subsidiary, Kaman Industrial Technologies Corporation has signed a definitive agreement to acquire Richmond, VA-based Industrial Supply Corporation. ISC will become part of KIT, Kaman’s industrial distribution segment.
“This acquisition supports our corporate strategy of accelerating the growth of KIT by expanding our geographic footprint in major industrial markets throughout North America,” said Neal J. Keating, chairman, president and chief executive officer of Kaman Corporation. “It will provide Kaman access to new markets, expand our offering of products and services, and increase our capability to service major national and regional customers.”
Founded in 1933, ISC is a distributor of power transmission, fluid power, material handling and industrial MRO supply products to a variety of markets, including ship building, printing, machinery, transportation, electronics, pharmaceutical, rubber, chemicals and food processing. In addition to its Richmond facility, ISC has five branches located along the Eastern seaboard.
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In a year when manufacturing continued to lead the economic rebound, it makes sense that plant manager bonuses rebounded. Plant Engineering’s annual Salary Survey shows both wages and bonuses rose in 2012 after a retreat the year before.
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