|Australia Government Seeks Discussion With Kaman to Conclude SH-2G(A) Super Seasprite Helicopter Program|
BLOOMFIELD, Conn., March 4 /PRNewswire-FirstCall/ -- Kaman Corp. (Nasdaq: KAMN) said that it has been notified by the recently elected government of the Commonwealth of Australia that it wishes to initiate a negotiation with Kaman to end the Super Seasprite program on mutually agreed terms.
Responding to this overture, Neal J. Keating, chairman, president and chief executive officer of Kaman Corp., said, "We have received a communication from the Commonwealth that we are reviewing at this time with the expectation that we will enter a constructive process with the Commonwealth in order to arrive at a mutually agreeable conclusion to the Seasprite program. Although we have created a highly capable aircraft for the Royal Australian Navy and continue to fulfill our obligations to the Commonwealth under our contract, we appreciate the thoughtful approach and time invested by the current Government in addressing our program and we will work with them toward arriving at a satisfactory arrangement. "
Kaman Corp. conducts business in the aerospace and industrial distribution markets.
SOURCE Kaman Corp.