-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SMm6v6t5nMVdP97brQNJWXe0NdEK71ZIR5cu4oFNKiQE/l7xZm01hzdqw5RHLij9 VZ4QREq0b2YphdyCGXB6fA== 0000054381-02-000016.txt : 20020617 0000054381-02-000016.hdr.sgml : 20020617 20020617151659 ACCESSION NUMBER: 0000054381-02-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020614 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 20020617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KAMAN CORP CENTRAL INDEX KEY: 0000054381 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080] IRS NUMBER: 060613548 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-66179 FILM NUMBER: 02680548 BUSINESS ADDRESS: STREET 1: 1332 BLUE HILLS AVE CITY: BLOOMFIELD STATE: CT ZIP: 06002 BUSINESS PHONE: 8602437100 MAIL ADDRESS: STREET 1: 1332 BLUE HILLS AVE CITY: BLOOMFIELD STATE: CT ZIP: 06002 FORMER COMPANY: FORMER CONFORMED NAME: KAMAN AIRCRAFT CORP DATE OF NAME CHANGE: 19680403 8-K 1 form8k.txt MOOSUP PHASE OUT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 14, 2002 KAMAN CORPORATION (Exact name of issuer as specified in its charter) Connecticut 0-1093 06-0613548 (State or other jurisdictions (Commission (I.R.S. of Incorporation) File Number) Employer Identification No.) 1332 Blue Hills Avenue Bloomfield, CT 06002 (Address of principal executive offices) Registrant's telephone number, including area code: (860)243-7100 Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events The Company issued a press release dated June 14, 2002 announcing that it will phase out operations at Kaman Aerospace's Moosup Connecticut manufacturing plant over the next 12 - 18 months. The facility is expected to be closed by the end of 2003. About 300 positions in Moosup will be eliminated, the majority of which will occur in 2003. Work currently performed in Moosup and the majority of Moosup positions will be relocated to other Kaman facilities and employees whose jobs are being relocated will be considered for employment at the other Kaman facilities. The Company also announced that non-Moosup workforce reductions of about 90 employees are planned over the next six months and these reductions are the result of changing business conditions, primarily a decline in prime helicopter contracts. The Company stated that the financial impact of the Moosup plant phase out is currently being determined. The Company is also in the process of reviewing its helicopter programs and expects to record material adjustments in the second quarter from these programs. The details of all these adjustments, a significant portion of which are anticipated to be non cash, are expected to be finally determined by the time of the announcement of the Company's second quarter results. Item 7. Financial Statements and Exhibits (a) Financial Statements of Business Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. The following document is filed as an Exhibit to this Report: Exhibit 99 - Press Release of the Company, dated June 14, 2002. Page 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf, by the undersigned, thereunto duly authorized. KAMAN CORPORATION /s/Robert M. Garneau Executive Vice President and Chief Financial Officer Dated: June 17, 2002 Page 3 EXHIBIT INDEX Exhibit Description 99 Press Release of the Company, dated June 14, 2002 Page 4 EX-99 3 pr617.txt MOOSUP PHASE OUT PRESS RELEASE .... KAMAN TO PHASE OUT OPERATIONS AT MOOSUP, CONN. FACILITY BLOOMFIELD, Connecticut (June 14, 2002) - Kaman Corporation NASDAQ: KAMNA) today announced that it will phase out operations at Kaman Aerospace's Moosup, Connecticut manufacturing plant over the next 12-18 months and expects to close the facility by the end of 2003. Closing the facility will result in the elimination of approximately 300 positions in Moosup. The majority of these positions will not be eliminated until 2003. Work currently performed in Moosup and the majority of the Moosup positions will be relocated to other Kaman facilities. Current employees whose jobs are being relocated will be considered for employment in the other Kaman facilities. The company also said that all helicopter-related operations, including engineering, final assembly, integration and flight test activities will remain in Connecticut. "We believe this difficult action is essential to improve operating performance and achieve a level of costs sufficiently competitive for future growth," said Paul R. Kuhn, CEO. "The Moosup plant is the company's oldest and least efficient facility. As Kaman's aerostructures and helicopter subcontract and advanced technology businesses expand, the company must realign its manufacturing capacity to support those portions of the business which are growing." "We have spoken to our Moosup employees and we are committed to working with them closely to help them through this transition," said Kuhn. "We have also been meeting with local and State officials to assure them that we will take a lead role in seeking a productive re-use for the Moosup facility." Separately, the company plans additional non-Moosup workforce reductions at Kaman Aerospace of approximately 90 positions. Those reductions result from changing business conditions, primarily a decline in revenue from prime helicopter contracts, and will be completed over the next six months. The financial impact of the Moosup plant phase-out is currently being determined. The company is also in the process of reviewing its helicopter programs and expects to record material adjustments in the second quarter from these programs. The details of all these adjustments, a significant portion of which are anticipated to be non cash, are expected to be finally determined by the time of the announcement of the company's second quarter results. Page 1 Kaman Corp., headquartered in Bloomfield, Connecticut, conducts business in the aerospace, industrial distribution and music distribution markets. Forward-Looking Statements This press release contains forward-looking information relating to the corporation's business and prospects, including plans of the corporation with respect to the phase-out of its Moosup, Connecticut manufacturing plant, work force reductions at Kaman Aerospace, plans for additional adjustments relating to the corporation's helicopter programs and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. These uncertainties include, but are not limited to, the aggregate impact of all such developments and adjustments, when finally determined, on operating results of the corporation for its second quarter and the current year. There are many other uncertainties which may affect the business and operating results of the corporation generally which are discussed in greater detail in the corporation's Annual Report on Form 10-K for 2001 and subsequent Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, both as filed with and available for inspection at offices of the Securities and Exchange Commission. Any forward-looking information should be considered with these factors in mind. ### Contact: Russell H. Jones (860) 243- 6307 Page 2 -----END PRIVACY-ENHANCED MESSAGE-----