The new company, to be called Kineco Kaman Composites - India, will initially be based at Kineco's existing Goa manufacturing facility, which employs approximately 150 people and produces complex composite structures utilising carbon fibre and autoclave curing technology.
According to Gregory L. Steiner, President of Kaman Aerospace Group, this joint venture is a further step in Kaman's strategy for its composites business.
"Kineco brings strong local knowledge and business relationships and when combined with our international customer base we anticipate major opportunities in both commercial and defence applications," he says.
| This venture is an excellent strategic development for both parties, and will allow Kineco and Kaman to accelerate their growth plans and enable us to participate in the global market, including offset opportunities arising from major defence spending by the Indian government. |
| Shekhar Sardessai, Chairman and Managing Director, Kineco Pvt Ltd |
The financial terms of the transaction have not been disclosed and completion is subject to due diligence.
