Kaman Aerospace Group, Inc.,
a subsidiary of Kaman Corporation
of Connecticut, USA,
and Kineco Pvt. Ltd of Goa, have
entered into an agreement to form
a manufacturing company in
India. The venture will be based in
Goa and will manufacture
advanced composite structures
for aerospace, medical and other
industries.
Gregory L. Steiner, President,
Kaman Aerospace Group, commented,
"This is a further step in
our group's strategy for our composites
business. Kineco brings
strong local knowledge and business
relationships and when combined
with our international customer
base we anticipate major
opportunities in both commercial
and defense applications."
"This venture is an excellent
strategic development for both
parties, and will allow Kineco and
Kaman to accelerate their growth
plans and enable us to participate
in the global market, including
offset opportunities arising from
major defence spending by the
Indian government," Shekhar
Sardessai, Chairman and Managing
Director, Kineco Pvt. Ltd, said.
The new company, to be known
as Kineco Kaman Composites -
India, will initially be constituted
from Kineco's existing Goa manufacturing
facility, which employs
approximately 150 people and
already produces complex composite
structures utilising the latest
carbon material and autoclave
curing technology. Financial
terms of the transaction have not
been disclosed and completion is
subject to due diligence.
Kaman Corporation is a diversified
company engaged in two segments
- aerospace and industrial
distribution - and is the third
largest North American distributor
serving $15 billion of the $25-
billion power transmission and
motion control market.
Kineco Pvt. Ltd, a first-generation
entrepreneurial company
founded by Shekhar Sardessai
in 1994, is one of India's leading
composites manufacturing companies
with a strong presence
in the aerospace and defence
industry.