Kaman to acquire GRW Bearing GmbH

Kaman Corporation released that its Aerospace segment has entered into an agreement to acquire GRW Bearing GmbH (GRW), a German-based designer and manufacturer of super precision, miniature ball bearings. The company is expected to have sales in 2015 of approximately €48 million. GRW is focused on the demanding applications segment of the miniature ball bearings market, where low noise requirements, extreme temperatures, ultra-high speeds and/or caustic environments require both exceptional engineering design and continuous operating performance capabilities. GRW operates out of two state-of-the-art production facilities in Rimpar, Germany and Prachatice, Czech Republic. Robert Starr, Executive Vice President and CFO added, “On a pro-forma basis this acquisition is expected to leave us well within our target range for leverage of two to three times EBITDA. The addition of GRW is expected to be accretive to earnings per share in 2016, excluding transaction costs.” Terms of the transaction, which is expected to close by year end, were not disclosed.