Aerospace manufacturer Kaman Corp. (NYSE:KAMN) said Friday that it has completed the previously announced acquisition of Bal Seal Engineering (Foothill Ranch, Calif.).
The acquisition allows Kaman to expand its portfolio of engineered products and add medtech to its customer base, in addition to aerospace, defense and industrial markets, according to the Bloomfield, Conn.-based company.
Bal Seal provides custom-engineered sealing, connecting, conducting, and EMI/RFI shielding components and services for medical device companies around the world.
“I want to welcome all the employees of Bal Seal to the Kaman family,” said Kaman Aerospace Group president Rick Barnhart, in a news release. “We look forward to working with Rick Dawson and the entire team at Bal Seal to continue to build upon the history of hard work, innovation, and ingenuity that has made Bal Seal a world class supplier of seals, springs, and contacts for over 60 years.”
“We are excited to welcome the Bal Seal team to Kaman as we work together to leverage our expanded portfolio of highly engineered products, proprietary technologies and deep customer relationships,” added Kaman president & CEO Neal Keating. “Together with Bal Seal, Kaman is uniquely positioned to capitalize on the significant growth opportunities across a number of attractive end markets, including the higher growth medical end market. We look forward to realizing the strategic and financial benefits of this transaction, including anticipated meaningful near-term margin and cash flow accretion.”
In May, Bal Seal announced that it had achieved USP Class VI compliance for its SP-191 and SP-23 seal materials.
