Kaman's Unit Sells Moosup Facility, Idle Since 2004

(RTTNews) - Kaman Corp. (KAMN), an aerospace and industrial distribution company, announced Friday that its subsidiary, Kaman Aerospace Corp. has sold its former manufacturing facility in Moosup, Connecticut, which has been idle since 2004, to TD Development, LLC.

In connection with the sale, Kaman will contribute $4 million in cash over a four year period to fund environmental remediation work that is expected to be done on the property. It also expects to take a related pre-tax charge of approximately $2.2 million in the third quarter.

The company did not announce further terms of the transaction.