EX-99.1
3
ex99-1.htm
PRESS RELEASE, ISSUED ON JANUARY 2, 2008
ex99-1.htm
Exhibit
99.1
Kaman
Corporation
Bloomfield,
CT 06002
(860)
243-7100
NEWS
KAMAN
KAMAN
COMPLETES THE SALE OF ITS MUSIC SEGMENT
BLOOMFIELD,
Conn. (January 2, 2008)
- Kaman
Corp. (NASDAQ-GM:KAMN) disclosed today that on December 31, 2007, the
company completed its previously announced sale of all of the capital stock
of
its wholly-owned subsidiary, Kaman Music Corporation, to Fender Musical
Instruments Corporation ("FMIC"). Pursuant to the terms of the stock
purchase agreement, as amended, Kaman received approximately $120 million
in
cash, which includes the purchase price of $117 million and certain working
capital and cash adjustments made at closing as set forth in the stock purchase
agreement. The purchase price is subject to additional specified post closing
purchase price adjustments. As a result of the transaction, Kaman Music became
a
wholly owned subsidiary of FMIC.
Kaman
chairman, Paul Kuhn, stated, "Kaman Music has been a part of this company from
the early 1960s when our founder, Charlie Kaman, invented the now famous
Ovation
Guitar. Over the years, we have built Kaman Music into a position of
prominence as the largest independent distributor of musical instruments
and
accessories to the many thousands of music retailers across the
country. It is very satisfying, therefore, to have found a strategic
buyer of Fender's stature to take what we have created forward into the
future. Kaman will use the proceeds of the sale to focus more
specifically on its aerospace and industrial distribution
businesses".
Bill
Mendello, Chairman and CEO of FMIC, stated, "We have a tremendous amount of
respect for the legacy of Kaman Music and the brands that are a part of
the KMC
family. We strongly believe the combination of KMC and FMIC is a winning
combination for dealers and musicians around the world".
About
Kaman Corporation
:
Kaman
Corp., headquartered in Bloomfield, Conn., conducts business in the aerospace
and industrial distribution markets.
About
Fender Musical Instruments
Corporation
:
Fender
Musical Instruments Corporation (FMIC) is the world's leading guitar
manufacturer, and its name has become synonymous with all things rock "n"
roll. Iconic Fender® instruments such as the Telecaster®,
Stratocaster®, Precision Bass® and Jazz Bass® guitars are known worldwide as the
instruments that started the rock revolution, and they continue to be highly
prized by today's musicians and collectors. FMIC brands include
Fender®, Squier®, Guild®, Gretsch®, Jackson®, Charvel®, SWR®, EVH®, Tacoma®,
Olympia® and Brand X®. For more information, visit www.fender.com.
###
Contact:
Russell
H. Jones
Kaman
Corporation
(860)
243-6307
Russell.Jones@kaman.com
Jason
Padgitt
Fender
Musical Instruments Corp.
(310)
946-9164
jpadgitt@fender.com

EX - 99 . 1 3 ex99 - 1 . htm PRESS RELEASE , ISSUED ON JANUARY 2 , 2008 ex99 - 1 . htm Exhibit 99 . 1 Kaman Corporation Bloomfield , CT 06002 ( 860 ) 243 - 7100 NEWS KAMAN KAMAN COMPLETES THE SALE OF ITS MUSIC SEGMENT BLOOMFIELD , Conn . ( January 2 , 2008 ) - Kaman Corp . ( NASDAQ - GM : KAMN ) disclosed today that on December 31 , 2007 , the company completed its previously announced sale of all of the capital stock of its wholly - owned subsidiary , Kaman Music Corporation , to Fender Musical Instruments Corporation ( " FMIC " ) . Pursuant to the terms of the stock purchase agreement , as amended , Kaman received approximately $ 120 million in cash , which includes the purchase price of $ 117 million and certain working capital and cash adjustments made at closing as set forth in the stock purchase agreement . The purchase price is subject to additional specified post closing purchase price adjustments . As a result of the transaction , Kaman Music became a wholly owned subsidiary of FMIC . Kaman chairman , Paul Kuhn , stated , " Kaman Music has been a part of this company from the early 1960s when our founder , Charlie Kaman , invented the now famous Ovation Guitar . Over the years , we have built Kaman Music into a position of prominence as the largest independent distributor of musical instruments and accessories to the many thousands of music retailers across the country . It is very satisfying , therefore , to have found a strategic buyer of Fender 's stature to take what we have created forward into the future . Kaman will use the proceeds of the sale to focus more specifically on its aerospace and industrial distribution businesses " . Bill Mendello , Chairman and CEO of FMIC , stated , " We have a tremendous amount of respect for the legacy of Kaman Music and the brands that are a part of the KMC family . We strongly believe the combination of KMC and FMIC is a winning combination for dealers and musicians around the world " . About Kaman Corporation : Kaman Corp . , headquartered in Bloomfield , Conn . , conducts business in the aerospace and industrial distribution markets . About Fender Musical Instruments Corporation : Fender Musical Instruments Corporation ( FMIC ) is the world 's leading guitar manufacturer , and its name has become synonymous with all things rock " n " roll . Iconic Fender ® instruments such as the Telecaster ® , Stratocaster ® , Precision Bass ® and Jazz Bass ® guitars are known worldwide as the instruments that started the rock revolution , and they continue to be highly prized by today 's musicians and collectors . FMIC brands include Fender ® , Squier ® , Guild ® , Gretsch ® , Jackson ® , Charvel ® , SWR ® , EVH ® , Tacoma ® , Olympia ® and Brand X ® . For more information , visit www.fender.com . # # # Contact : Russell H . Jones Kaman Corporation ( 860 ) 243 - 6307 Russell.Jones@kaman.com Jason Padgitt Fender Musical Instruments Corp . ( 310 ) 946 - 9164 jpadgitt@fender.com
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