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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): November 14, 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 November 14, 1997, the Company announced that it had entered into
a definitive agreement with ITT Industries, Inc. for the sale of
Kaman Sciences Corporation, the Company's defense related sciences
subsidiary, to ITT Industries for $135 million in cash. The
transaction has been approved by the boards of directors of both
companies and is subject to customary conditions, including the
receipt of all required regulatory approvals. The Company expects to
complete the transaction by year end.
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 November 14,
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
By: Robert M. Garneau
Executive Vice President and
Chief Financial Officer
Dated: November 17, 1997
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EXHIBIT INDEX
Exhibit Description
99 Press Release of the Company, dated November 14,
1997
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KAMAN CORP. TO SELL SCIENCES UNIT TO ITT INDUSTRIES, INC.
BLOOMFIELD, Connecticut (November 14, 1997) - (NASDAQ:KAMNA) Kaman
Corp. and ITT Industries, Inc. (NYSE:IIN) announced today that they
have entered into a definitive agreement for the sale of Kaman
Sciences Corp. to ITT Industries for $135 million in cash. The
transaction has been approved by the boards of directors of both
companies and is subject to customary conditions, including the
receipt of all required regulatory approvals. Kaman and ITT
Industries expect to complete the transaction by year end.
Kaman Corp. announced in late July that it was exploring the possible
sale of Kaman Sciences, citing widespread consolidation in the
defense sciences industry and the importance of increasing size in
this particular segment of the defense market as key factors in the
decision.
Lazard Freres & Co. LLC advised Kaman Corp. in connection with the
transaction.
Kaman Sciences, based in Colorado Springs, Colo., provides software
support, scientific research and advanced systems principally for the
Air Force, Navy, Army and other government agencies. With revenues
of $150 million, the company employs 1,200 in Colorado Springs,
Alexandria, Va., and several other locations.
In making the announcement, Charles H. Kaman, chairman and chief
executive officer of Kaman Corp., said, "Having started Kaman Sciences
as the original Kaman Nuclear division of Kaman Aircraft Corp. in
1957, Kaman is very proud of the outstanding accomplishments of the
Sciences people and sees this new affiliation as a further
enhancement to them."
Kaman Corp., based here, is a $1 billion company with business
activities in aerospace and industrial distribution markets.
ITT Industries is a leading worldwide diversified manufacturing
company, with 1996 sales of $8.4 billion from its three primary
business segments: Automotive, Defense & Electronics and Fluid
Technology.
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Contact:
David Long
(860) 243-6319
Email: [email protected]
Homepage: www.kaman.com
