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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 27, 1997
KAMAN CORPORATION
(Exact name of issuer as specified in its charter)
Connecticut 0-1093 06-0613548
(State of (Commission (I.R.S.
Incorporation) File Number) Employer
Identification
No.)
1332 Blue Hills Avenue
Bloomfield, CT 06002
(Address of principal executive offices)
Registrant's telephone number, including area code: (860)
243-7100
Not Applicable
(Former name or former address, if changes since last report)
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Item 5. Other Events.
On June 27, 1997, the Company announced that its subsidiary, Kaman
Music Corporation, had sold Trace Elliot Limited, the subsidiary's
amplifier manufacturing business in Great Britain. The Company
announced in April 1997 that a decision had been made to close the
Trace Elliot manufacturing operation and a pre-tax charge of $15
million was taken against first quarter earnings as a result.
Subsequently, an offer to purchase Trace Elliot was received. Due
to
the sale, it is anticipated that somewhat less than the full $15
million charge will be utilized in closing out Kaman Music
Corporation's interest in Trace Elliot, with the balance to be
utilized for addressing other costs associated with Kaman Music
Corporation's operations.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
The following document is filed as an Exhibit to this
Report:
Exhibit 99 - Press Release of the Company, dated June 27,
1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on
its behalf, by the undersigned, thereunto duly authorized.
KAMAN CORPORATION
Robert M. Garneau
Executive Vice President and
Chief Financial Officer
Dated: July 3, 1997
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EXHIBIT INDEX
Exhibit Description
99 Press Release of the Company, dated
June 27, 1997
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KAMAN MUSIC SELLS AMPLIFIER BUSINESS
BLOOMFIELD, Connecticut (June 27, 1997) - (NASDAQ:KAMNA) Kaman
Music Corp., announced it has sold Trace Elliott Limited, its
amplifier manufacturing business in Great Britain to three members
of the Trace Elliott management team. The purchase price and terms
were not disclosed.
Kaman Corp. announced in January that it was developing a plan to
address its capital investment in the music business. As part of
this process, management determined to close the Trace Elliott
manufacturing operations and Kaman took a pre-tax charge of $15
million against first quarter earnings as a result. Subsequently,
an offer to purchase the business was made by Trace's management
group. Due to the sale, it is anticipated that somewhat less than
the full $15 million charge will be utilized in closing out Kaman
Music's interest in Trace Elliott, with the balance to be utilized
for addressing other costs associated with Music's operations.
The new management of Trace Elliott said the sale will allow the
company to continue to manufacture and distribute innovative, high
quality amplifiers to the international music industry.
Kaman Music Corp. is a subsidiary of Kaman Corp., a widely
diversified company that provides high technology products and
services to U.S. and international commercial, industrial and
defense markets.
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Contact:
J. Kenneth Nasshan
(860) 243-7319
Email: [email protected]
Internet: http://www.kaman.com
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