Kaman Industrial Technologies Corporation (KIT), a subsidiary of Kaman Corporation, has acquired Florida Bearings Inc. of Miami, Fla. Florida Bearings will become part of KIT, Kaman’s Industrial Distribution segment. Terms were not disclosed.
Florida Bearings, founded in 1950, is a distributor of bearings, power transmission, and pump products, as well as a provider of services such as predictive maintenance and motor, gearbox and pump repair to industries such as water, wastewater, municipal, food, and aggregate industries. In addition to Miami, the company also has locations in the Florida towns of Hialeah, Ft. Lauderdale, Riviera Beach, and Orlando. The company has annual sales of approximately $20 million.
Company leaders say the acquisition of Florida Bearings enables Kaman to expand its geographic footprint, expand its product and service offerings, and further diversify end-market exposure.
“The addition of Kaman’s broad array of electrical, fluid power and conveying product lines to our current offering will be a welcome growth opportunity for us to become an even more strategic supplier to customers in central and southern Florida,” Bruce Marchetti, president of Florida Bearings, said in a prepared statement.
Kaman Corporation is headquartered in Bloomfield, Conn. and conducts business in the aerospace and industrial distribution markets. The company is a distributor of industrial parts and operates more than 200 customer service centers and five distribution centers across North America.