Kineco - World of Composites

Kineco Pvt ltd and Kaman Aerospace Group Inc, a subsidiary of Kaman Corporation, USA sign JV for manufacture of advanced composite structures

Panaji,  Goa  :  Kineco  Private  Limited  a  Goa  based  Company  and  Kaman  Aerospace  Group Inc.,  a  subsidiary  of  Kaman  Corporation,  USA ‐ a  New  York  stock  exchange  listed  entity (NYSE KAMN) announced the formal inauguration of their joint venture (JV) in Goa, India. 

The JV, a new Company which has been named Kineco Kaman Composites – India Private Limited,  will  manufacture  advanced  composite  structures  for  Aerospace,  Defense, Medical  imaging  and  other  industries  using  the  latest  carbon  fibre  materials  and autoclave  curing  technology.  This  will  include  composite  structural  parts  for  modern aircraft and helicopters and potentially, parts for spacecrafts.  

Kineco’s  Advanced  Composite  Division’s  manufacturing  facilities  and  business  which  has been  in  existence  for  the  past  7  years  has  now  been  assigned  to  this  new  joint  venture. This  facility  has  already  been  producing  complex  composite  structures  for  various industries  including  Defense  and  Medical  Imaging  and  this  will  now  be  further  enhanced with Kaman’s decades of experience in manufacturing Aerospace composites. 

The  upgraded  facility  was  inaugurated  on  the  8th  of  January,  2013  by  the  Hon’ble  Chief Minister of Goa Shri. Manohar Parrikar.  

Shekhar  Sardessai,  Chairman  and  Managing  Director  of  Kineco  Group  and  Richard Thorley,  Director‐  Strategy  &  Development,  Kaman  Aerospace  Group  in  a  joint  press statement said the following, 

“The  JV  between  Kineco  and  Kaman  is  a  unique  and  a  special  one  and  has  become  a reality  based  on  the  strength  of  a  mutually  shared  vision  that  will  drive  the  JV  to  provide outstanding composite structures solutions to our customers around the world. This JV  has  the  potential  to  become  an  extraordinary  event  for  the  Indian  and  the  Global Aerospace Industry..”  

Kaman  adds  a  scale  of  global  footprint,  the  best  in  class  practices  in  design, manufacturing,  project  and  supply  chain  management  and  most  importantly  high standards of corporate governance.

 Kineco  on  the  other  hand  brings  in  well  established  and  cost efficient  manufacturing facilities combined with people’s skill sets. It also brings to the JV established relationships with the Indian Defense and Aerospace Industry.

 The  Joint  Venture  has  put  in  place  a  competent  leadership  team  headed  by  Shekhar Sardessai,  as  its  Chairman  and  Managing  Director  and  Richard  Thorley,  who  has  been named  the  Chairman  of  the  Management  Committee.  Mr.  Thorley  will  be  full  time  based in Goa and will serve as an important link in aligning the JV operations with Kaman.

 The  other  members  of  the  leadership  team  of  the  JV  include  Kevin  Wright,  Senior  Vice President,  Operations;  Dananjay  Dodtumkur,  Vice  President, Strategy  and  Enterprise Growth and Nagaraj Jantli, Finance Director.  

The  joint  venture  will  initially  employ  50  people  and  based  on  the  anticipated  growth plans, will employ over 500 people in the next 3‐5 years.

 In  addition  to  the  existing  investment  in  the  manufacturing  facilities  at  Pilerne  Industrial Estate,  the  JV  plans  to  immediately  invest  in  upgradation  and  modernization  in  the  year 2013.  In  addition,  the  JV  strategic  plan  envisages  significant  further  investment  in  the latest composite production capabilities over the next 5 years commensurate with growth in its business.

 The  JV  anticipates  major  opportunities  in  the  global  commercial  and  defense aerospace market  including  offset  opportunities  arising  from  major  Defense  spending  by  India Government. The JV will surely put Goa on the global aerospace and defense map.

 The  press  conference  was  well  attended  by  Kaman’s  senior  executives  from  their Headquarters  in  Bloomfield,  Connecticut  including;  Gregory  Steiner,  President  Kaman Aerospace  Group;  Jim  Larwood,  President  Kaman  Aerosystems  and  Al  Lariviere,  President Kaman Composite Structures. 

About Kaman Aerospace Group

 Kaman  Aerospace  Group  is  a  subsidiary  of  Kaman  Corporation  (NYSE‐KAMN).  The company  produces  and/or  markets  widely  used  proprietary  aircraft  bearings  and components;  complex  metallic  and  composite  aerostructures  for  commercial,  military and  general  aviation  fixed  and  rotary  wing  aircraft;  aerostructure  engineering  design analysis  and  FAA  certification  services;  safe  and  arm  solutions  for  missile  and  bomb systems  for  the  U.S.  and  allied  militaries;  subcontract  helicopter  work;  and  support  for the  company’s  SH‐2G  Super  Seasprite  maritime  helicopters  and  K‐MAX  medium‐to‐heavy lift  helicopters.  Kaman  Corporation,  founded  in  1945  by  aviation  pioneer  Charles  H. Kaman,  and  headquartered  in  Bloomfield,  Connecticut  conducts  business  in  the aerospace  and  industrial  distribution  markets.  More  information  is  available  at http://www.kaman.com. 

About Kineco Private Limited

 Kineco  is  a  first  generation  entrepreneurial  company  founded  by  Mr.  Shekhar  Sardessai and was incorporated in 1994 and currently employees more than 150 people. It is one of India’s leading composites manufacturing companies with a strong presence and focus on the  aerospace  and  defense  industry. Kineco,  as  a  company,  has  a  legacy  of  innovation, development  and  commercialization  of  composite  products.  It  has  two  operational facilities  with  total  manufacturing  space  of  150,000  square  feet,  one  of  which  has  been assigned to the Kineco Kaman JV. The company caters to a wide range of industries such as; railways, aerospace, defense, mass transportation, process, and marine.

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