Kaman buys British aerospace supplier Brookhouse

Industrial and aerospace manufacturer Kaman Corp. said Thursday it has acquired Darwen, England-based aerospace supplier Brookhouse Holdings Ltd. for about $85.1 million to expand its aerospace business.

The purchase price of 43 million pounds was paid in cash and funded by borrowing under Kaman's revolving credit line.

Kaman said it expects the acquisition to be neutral to earnings per share in 2008 and add to them slightly in 2009.

Brookhouse, which makes parts and tooling for the aerospace and defense markets, posted sales of $54.9 million for its fiscal year ended Sept. 30. It has about 450 employees.

Sales to the military represent slightly more than half of Brookhouse's sales, Kaman said.

Kaman shares rose 40 cents to $23.62.