BLOOMFIELD, Conn.--(BUSINESS WIRE)--Kaman Corp. (NYSE:KAMN) announced today that it has secured land in Würzburg, Germany on which it will build a new facility to support the expansion of Gebr. Reinfurt GmbH & Co. KG (“GRW”), one of the Company’s precision bearings operations focused on miniature bearings for the Medical, Aerospace, and Industrial end markets. The Company currently estimates it will spend $10.0 million on the build out and expects to break ground in 2020 with the new facility opening in 2022.
“We have seen strong growth in our business since the acquisition by Kaman and we are pleased that this expansion will allow us to continue to meet the increasing demand we see from our customers. Additionally, we are investing in our local community, with the new state of the art facility located only a few miles from our current operations allowing us to retain the skilled workforce we have developed over the years", said Michael Wilhelm, Executive Managing Director, Gebr. Reinfurt GmbH & Co. KG.
"The work Michael and his team have done at GRW over the last few years has been outstanding and we are proud to support their continued growth with the expansion of their operations in Germany. With the completion of this expansion, we will have upgraded facilities and increased capacity at all of our Specialty Bearings and Engineered Products locations around the globe. This is in response to the strong demand we have seen from our customers and the continued growth we expect in the future", stated Robert Paterson, President, Kaman Specialty Bearings and Engineered Products.
Risks Associated with Forward-Looking Statements
This release includes "forward looking statements" relating to the expected expansion discussed above. These statements are based on assumptions currently believed to be valid but involve significant risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ from those expressed in the forward looking statements. Additional risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. The Company’s Aerospace Group produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our K-MAX® manned and unmanned medium-to-heavy lift helicopters. More information is available at www.kaman.com.