Kaman Corporation (NYSE:KAMN) Thursday announced that its Distribution Segment (Kaman) has signed a definitive agreement to acquire substantially all the assets of Northwest Hose & Fittings, Inc. based in Spokane, Washington. The transaction is expected to close in the next few weeks. Terms were not disclosed.
Northwest Hose & Fittings, founded in 2000, is an authorized Parker distributor of hydraulic hose, fittings, adapters as well as couplers and industrial hose to a diverse group of industries such as the metals, agricultural, industrial machinery and equipment industries. Parker Hannifin Corporation is the global leader in motion and control technologies. The company also has locations in Yakima and Moses Lake, Washington and Coeur d’Alene, Idaho and operates Parker Stores at all of its locations. Annual sales for 2013 are expected to be approximately $8 million.
Steve Smidler, president of Kaman stated, “We are pleased that we have been able to expand our strategic relationship with Parker through the acquisition of Northwest Hose & Fittings. Not only does the company have a strong presence in several key markets that Kaman did not previously serve, they also have an excellent customer service ethic and technical expertise that should add nicely to our fluid power product platform. We expect excellent growth opportunities from the synergies of our product lines and customer bases.”
John Olson, president of Northwest Hose stated, “We are thrilled to be joining a dynamic company like Kaman. We see tremendous growth and expansion opportunities throughout the Pacific Northwest and our product knowledge and reputation will match well with Kaman’s strategy of customer service and technical excellence.”