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June 26, 2019 | International, Aerospace

Kaman Announces Sale of Distribution Segment to Littlejohn & Co. for $700 Million in Cash

BLOOMFIELD, Conn.--(BUSINESS WIRE)--Kaman Corporation (NYSE:KAMN) today announced that it has entered into a definitive agreement to sell its Distribution segment to affiliates of Littlejohn & Co., LLC (Littlejohn) for total cash consideration of $700 million subject to customary closing conditions and working capital adjustments. The transaction value represents a multiple of 10.4 times trailing twelve-month (TTM) Segment Adjusted EBITDA* for the Distribution segment.

Full article: https://www.businesswire.com/news/home/20190626005336/en

On the same subject

  • Boeing receives $400M contract to keep B-1, B-52 bombers flying

    January 2, 2019 | International, Aerospace

    Boeing receives $400M contract to keep B-1, B-52 bombers flying

    By Ed Adamczyk Dec. 31 (UPI) -- Boeing was awarded a $400 million contract by the Defense Department for engineering services on B-1 and B-52 strategic bombers. The contract, announced on Friday, covers recurring and non-recurring services. The B-1 has been in service since 1986, while the B-52, nicknamed the Stratofortress, was first introduced in 1955. Specific work, covered by a $35 million award as part of the contract and to be finished by Dec. 31, 2019, will be done at Tinker AFB, Okla.; Edwards AFB, Calif.; Barksdale AFB, La., and at Boeing's Oklahoma City, Okla., facility. The Air Force Life Cycle Management office at Tinker AFB is the contracting agency. https://www.upi.com/Defense-News/2018/12/31/Boeing-receives-400M-contract-to-keep-B-1-B-52-bombers-flying/5191546274824

  • Ch'tellerault : pour la société aéronautique TMH-AMS, "le militaire a sauvé la mise" en 2020

    January 18, 2021 | International, Aerospace

    Ch'tellerault : pour la société aéronautique TMH-AMS, "le militaire a sauvé la mise" en 2020

    Depuis le début de la crise, l'État a tenu à soutenir les industriels de défense, en particulier les PME, à la fois en maintenant un niveau important de commandes de matériels et en débloquant des fonds de soutien. Tel est le message adressé hier par Geneviève Darrieussecq, la ministre déléguée à la Mémoire et aux Anciens Combattants, lors de sa visite à TMH-AMS à Ch'tellerault. Cette société aéronautique de 22 salariés conçoit et fabrique des bancs hydrauliques fixes et mobiles pour la maintenance au sol des avions et des hélicoptères civils et militaires. Elle travaille à 70 % pour la défense et à 50 % à l'export. Ses clients ? Les principaux donneurs d'ordre du secteur. TMH-AMS est l'une des cinq entreprises du groupe poitevin Techman-Head. Qui, à l'image de tout l'aéronautique, sort d'une année 2020 « compliquée, dixit le président Jean-Yves Taboni et le directeur général Philippe Jehanno. On a perdu 33 % de chiffre d'affaires. » Les deux dirigeants confirment que l'effort de l'État dans le domaine de la défense a été bénéfique pour leur groupe, dont l'activité militaire pèse 33 % : « Ça a sauvé la mise de nos deux entreprises qui travaillent majoritairement pour le militaire, TMH à Ch'tellerault et Novatec à Poitiers. » L'enjeu de la vaccinationUn autre élément a permis à Techman-Head de passer 2020 sans dommage : « Financièrement, le groupe est sain, solide et rentable. Notre capacité à développer des produits propres, et donc à ne pas dépendre uniquement de donneurs d'ordre, est un point fort. » Techman-Head « ne se fait guère d'illusions sur 2021. On n'attend pas de reprise avec le second semestre. » Cela n'empêche pas le groupe de se projeter déjà sur un redémarrage : « Il y aura des opportunités à saisir, il faudra être prêts, analyse Jean-Yves Taboni. Dans cette compétition internationale, la vaccination est un enjeu majeur. C'est là qu'on va gagner ou perdre la partie. Il ne faudrait pas prendre du retard vis-à-vis des Anglais ou des Allemands. » Le message – à la ministre – est passé. https://www.lanouvellerepublique.fr/chatellerault/chatellerault-pour-la-societe-aeronautique-tmh-ams-le-militaire-a-sauve-la-mise-en-2020

  • Six considerations from the Defense News Top 100 list

    August 19, 2020 | International, Aerospace, Naval, Land, C4ISR, Security

    Six considerations from the Defense News Top 100 list

    By: Byron Callan As usual, the annual Defense News Top 100 rankings shed light on changes in the defense sector, while raising additional questions for all interested parties. The rankings among U.S. firms have been relatively stable, with the primary catalyst for several years worth of change being acquisitions or divestitures. The U.S. order will again change in next year's edition, when Raytheon Technologies appears as a single entity for the first time. Defense News added Chinese enterprises in 2019, and so it's good to see this extended in 2020, as China has the second largest defense budget in the world after the U.S. This year's list raises six points worth highlighting, while observing how relative rankings have changed over time. First: These lists are difficult to compile, as they depend in large part on the willingness of contractors to provide sales data. There are some omissions, which hopefully could show up in future rankings — notably, BWX Technologies, SpaceX, General Atomics, Mantech, Parsons and Kratos for the U.S.; more Japanese firms including Kawasaki Heavy Industries; Navantia of Spain and other European naval shipyards; United Aircraft in Russia; ASC Pty in Australia; and PGZ in Poland. There are other Indian firms as well that would likely qualify. Second: It is intriguing to note how long either Lockheed or its successor Lockheed Martin has been the No. 1 U.S. contractor. It's been at the top of the Defense News list since 2003, and data from annual reports show it has been the top U.S. contractor, by sales, since 1980. Size may matter in perpetuating a No. 1 position, so it is notable that the ratio of Lockheed's defense sales to the second-largest contractor has also increased over the years. For this year's list, Lockheed's defense dollars are 165 percent of Boeing's defense sales; in 1988, they were 130 percent higher than the next largest defense contractor, McDonnell Douglas. Third: As much as it's easy to categorize contractors by their home country, it bears repeating that this a global, multinational business with international sales not just from exports. A look at the Australian defense industry highlights the “multi-domestic” nature of contractors in that country. BAE Systems is listed as a U.K. company, but it derives higher annual sales from the U.S. and Saudi Arabia than from London. And in 2019, Israeli firm Elbit had more of its total sales from North America (28 percent of total) than Israel (24 percent of total). Fourth: While the rankings don't capture the changes in the composition of some of the largest contractors, this may have a bearing on competition in the 2020s. CACI and Leidos still are predominantly services contractors, but some of their recent acquisitions, most significantly the Leidos acquisition of Dynetics, are more product-centric. Fifth: Obviously the rankings only capture the top level of the global defense sector, and in assessing supply chains, resiliency, the pace of innovation and technology ingestion, a far wider net has be cast. A July 2020 report by Israel's INSS observed that Israel's defense industry, which has seen consolidation in recent years, is comprised of “about 600 companies” and employs over 45,000 workers. Much as the rankings of the top contractors are of interest, a more critical assessment of the health and agility of contractors may rest on what's happening with smaller firms. Finally: The question of state, private or public ownership is a sixth factor to weigh. State ownership of Chinese firms and partial government stakes in some of the largest European enterprises has entailed different incentives and goals — it's hard to conclude, given the nature of China's rise, that government ownership of contractors has stymied the development and production of competitive weapons systems, though there's little transparency on efficiency. In the 2020s, it remains to be seen how different and competing ownership shapes future rankings. Byron Callan is a policy research expert at Capital Alpha Partners. He specializes in the defense and aerospace industries. https://www.defensenews.com/top-100/2020/08/17/six-considerations-from-the-defense-news-top-100-list/

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