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): December 21, 1999
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 changed since last report)
<PAGE>
Item 5. Other Events.
The Company has announced that its industrial distribution
subsidiary, Kaman Industrial Technologies Corporation, is
undertaking initiatives to streamline its operational structure and
increase efficiency, with the objective of enhancing its
competitive position. As a result, the Company will take pre-tax
charges of approximately $12 million, or 32 cents per share, in the
fourth quarter of 1999. Approximately $4 million of the charge
represents costs associated with reorganization of operations,
consolidation of branches and closure of certain other facilities.
Approximately $8 million represents a write-off of inventory that
is considered obsolete or excess to the ongoing organization.
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
December 21, 1999.
<PAGE>
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: December 21, 1999
<PAGE>
EXHIBIT INDEX
Exhibit Description
99 Press Release of the Company, dated
December 21, 1999.
<PAGE>
KAMAN ANNOUNCES CHANGES TO ITS INDUSTRIAL DISTRIBUTION UNIT;
TO TAKE $12 MILLION CHARGE
BLOOMFIELD, Connecticut (December 21, 1999) (NASDAQ:KAMNA) Kaman
Corp. today announced that its industrial distribution subsidiary,
Kaman Industrial Technologies Corp., is undertaking initiatives to
streamline its operational structure and increase efficiency. As a
result, the company will take pre-tax charges of approximately $12
million, or 32 cents per share, in the fourth quarter of 1999.
Paul R. Kuhn, president and chief executive officer, said, "These
actions address the challenges presented by increased consolidation
and competition in KIT's marketplace. These steps," he said,
"include a reorganization of the operation's sales, marketing and
field management structure, a consolidation of certain branch
locations, and a recently concluded comprehensive review of
existing inventories.
"Our overall objective," said Kuhn, "is to enhance the company's
competitive position by flattening the organizational and
operational structure, reducing costs and improving customer
service at all levels. There are opportunities for this business
to grow as we get closer to our customers in every way."
Approximately $4 million of the charge represents costs associated
with the reorganization of operations, consolidation of branches
and closure of certain other facilities. Approximately $8 million
represents a write-off of inventory that is considered obsolete or
excess to the ongoing organization.
Kaman Corp., is a $1 billion company with businesses in the
aerospace, industrial and music markets. Kaman Industrial
Technologies, based in Windsor, Conn., is a major industrial
distribution company with more than 180 locations throughout North
America providing products and services to all types of industry.
###
Contact:
J. Kenneth Nasshan
(860) 243-7319
Email: [email protected]
Internet address: http://www.kaman.com
