Alliance strengthens services for customers that have assets across North America.
TSX Symbol: WJX
TORONTO, Feb. 21, 2013 /CNW/ - Wajax Industrial Components ("WIC"), a division of Wajax Corporation and Kaman Industrial Technologies Corporation ("Kaman") of Bloomfield Connecticut, two of North America's leading industrial distributors announced today that they have formed a strategic alliance, strengthening the services offered to customers that have business assets in the U.S., Canada, Mexico and Puerto Rico. While each of WIC and Kaman will remain as separate and independent entities, they will join forces to compete for business-to-business and supply agreements with customers in multiple jurisdictions, providing an alternative to country-based supply agreements. The alliance will operate under the name Sourcepoint Industrial.
"We're expecting more and more customers to make purchasing decisions on a global or international basis," said Mark Foote, Wajax Corporation's President and Chief Executive Officer, referring to the business trends which led to the alliance. "Whereas Wajax is very good at satisfying a customer's Canadian needs, and Kaman is very good at satisfying a customer's U.S. needs, on our own, we each have a limited ability to cover a customer's needs across both countries. This alliance will provide customers with a viable option that has unique strengths on either side of the border."
"Historically, North American customers have had a limited choice for suppliers of their power-transmission and motion-control products," added Steve Smidler, Kaman's President. "This alliance gives customers an alternative, and an opportunity to benefit from both companies' value propositions."
Wajax Corporation is a leading Canadian distributor and service support provider of mobile equipment, power systems and industrial components. Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of 126 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities. Wajax Corporation's common shares are listed and traded on the Toronto Stock Exchange under the symbol "WJX".
Wajax Industrial Components, a wholly-owned division of Wajax Corporation, operates a total of 65 branches and 13 certified service and repair centers across Canada.
Kaman Industrial Technologies Corporation
Kaman Industrial Technologies is a leading distributor of industrial parts, and operates more than 200 customer service centers, 18 fabrication and assembly shops as well as five distribution centers across the U.S., Mexico and Puerto Rico. Kaman Industrial Technologies Corporation is a subsidiary of Kaman Corporation. Kaman Corporation (NYSE :KAMN ), founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets.
SOURCE Wajax Corporation
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Wajax Industrial Components and Kaman Industrial Technologies Form Strategic Alliance
Feb 21, 2013, 05:38 EST