Today, Kaman Corporation announced that it signed a definitive agreement to purchase all assets of Ohio Gear & Transmission. The Eastlake based company would become a unit at Kaman's Distribution division after the deal is completed. The acquisition transaction is expected to end by July last week.
Ohio Gear & Transmission was established in 1973. The company is a distributor of mechanical power transmission equipment and bearings & electric automation systems. Ohio Gear & Transmission is also a designer and fabricator specialist that manufactures products to food, packaging material handling and general machinery industries, to name a few. The company has recorded annual sales of approximately US$9 million and is headquartered in Eastlake, Ohio.
The President of Kaman Corporation said that the company is pleased to welcome Ohio Gear & Transmission to its mechanical power transmission platform. The acquisition would also open the doors for Kaman in the Cleveland market which would represent a new region for the company to market and sell its products, he added. Further, he said that the acquisition would allow them to build strong reputation with a new firm that produces high quality products and has excellent technical capabilities.
Ohio Gear & Transmission president John Bauer said that after 40 years of being an independent distributor, the company felt that the acquisition deal by Kaman would serve the best interest of the firm and for its workers. He also added that customers and supplier partners would be able to join forces with a major national firm.
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