Kaman Acquires Minarik Corp.
Motion control distributor Minarik Corporation was acquired by Kaman Industrial Technologies Corporation (KIT) as of April 30, and is now part of Kaman's Industrial Distribution Segment.
Founded in 1952, Minarik is a national distributor of motion control and automation products. It offers leading brands of sensors, drives, motors and automation control products serving U.S. manufacturers. Minarik is headquartered in Glendale, CA and operates from sixteen branch locations. The company generated sales of approximately $84 million during the year ended December 31, 2009, and Kaman acquired the company for $39 million.
KIT is the third largest distributor of power transmission and motion control products in North America. The company operates almost 200 branches, distribution centers and customer service centers across the continent.
"We are very pleased to welcome the Minarik team of more than 200 employees to our Kaman Industrial Technologies family," says T. Jack Cahill, president of KIT. "The acquisition of Minarik will allow us to better serve our customers in their quest to increase productivity, better control their processes and reduce operating costs. And the acquisition will result in better levels of support for motion control product customers throughout North America. The combination also more effectively balances our business between OEM and MRO markets."
According to John Hegel (pictured), president of Minarik, "The acquisition provides Minarik with an outstanding opportunity to continue the expansion that we have experienced over the last ten years. KIT will help open up additional markets and customers to Minarik, and Minarik will bring a high level of motion control expertise to KIT. With Kaman's financial strength, Minarik can enhance its national motion control footprint more quickly into key geographic areas and industry segments."
Neal J. Keating, chairman, president and chief executive officer of Kaman Corporation commented, "As the only national distributor focused on the motion control and automation industries, Minarik is a great strategic fit for Kaman, increasing our geographic footprint and served market. It also increases our scale allowing us to further leverage our existing infrastructure. It will provide a complementary platform upon which we can significantly expand our product breadth, complement our core power transmission product lines and further differentiate Kaman in the marketplace."