ANN ARBOR, Mich. (AP) — Kaydon Corp., manufacturer of custom-engineered products for industrial, aerospace, alternative-energy, medical and electronic equipment, said Monday it bought bearings manufacturer Avon Bearings Corp. for $55 million in cash.
''It will add immediate capacity to our growing wind energy platform while both strengthening existing customer relationships and adding others,'' James O'Leary, president and chief executive, said in a statement. ''Avon will broaden our presence in important offshore crane, construction and steel markets for very large diameter bearings.''
The acquisition is expected to boost Kaydon's earnings within its first year of ownership, and increase sales in fiscal 2008 by $30 million.
