Kaydon Corporation has announced that it has acquired Avon Bearings Corporation (Avon) in a cash transaction valued at US$ 55 million.
The acquisition of Avon is expected to be accretive to Kaydon's earnings within the first full year of ownership and immediately accretive to cash earnings. Avon is expected to add approximately US$ 30 million to Kaydon's fiscal 2008 sales. The acquisition will add immediate capacity to their growing wind energy platform while both strengthening existing customer relationships and adding others. One of the major markets that Kaydon supplies is the rapidly growing wind energy market to which Kaydon supplies pitch and yaw bearings.