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Courant.com
Bloomfield Firm's Music Division Sale Complete
BY ERIC GERSHON
The Hartford Courant
11:40 AM EST, January 2, 2008
Helicopter maker Kaman Corp. has completed the sale of its musical instruments unit to Fender Musical Instruments Corp., Kaman said today.
Bloomfield-based Kaman also said its new president and CEO, Neal J. Keating, 52, appointed last summer, has assumed his duties.
The division sale and the appointment of Keating had both been previously announced.
Kaman received about $120 million in cash for Kaman Music Corp., which employs about 500 people, mostly in New Hartford. It makes or distributes about 20,000 different musical instruments and accessories. The sale was announced in October.
One of the world's most famous instrument producers, Arizona-based Fender makes the Stratocaster and Telecaster electric guitars.
Keating succeeds Paul R. Kuhn and becomes the second person to run the company since founder Charles H. Kaman retired in 1999. Keating also joined Kaman's board. Kuhn will remain chairman until his retirement at the end of February.
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