BOSTON (Thomson Financial) - Kaman Corp. Monday said it plans to sell its Kaman Music Corp. subsidiary to Fender Musical Instruments Corp. for about $117 million in cash, subject to post-closing price adjustments.
The Bloomfield, Conn.-based company said its longer-term growth strategy has 'evolved to a focus on the aerospace and industrial distribution segments, which 'has meant finding a new home for [Kaman Music Corp.].'
The company's board approved the stock purchase agreement.
Closing of the deal is targeted to occur before Jan. 1, 2008, the company added.
Shares of Kaman Corp. closed Friday at $36.78. Casey Logan cl/jw COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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