8-K
filed January 18, 2023, 6:59 PM ET
CIK 0000054381
other material
confidence high
sentiment negative
materiality 0.75
KAMAN Corp: restructuring charge — Kaman discontinues K-MAX production, cuts 3 exec roles, targets $25M annual savings
KAMAN Corp
- Restructuring includes discontinuing K-MAX and K-MAX TITAN production; $25M annual run-rate cost savings expected.
- Pre-tax restructuring charges estimated at $10-12M cash plus ~$54M non-cash write-downs; ~$61M recorded in Q4 2022.
- Three executive officers to depart Jan 27: COO Russell Bartlett, GC Shawn Lisle, CIO Rafael Cohen; severance disclosed.
- Ian Walsh temporarily manages Structures; Carroll Lane adds Engineered Products; Richard Smith becomes GC; Roy Dilig VP-IT.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Rafael Z. Cohen resigned as Vice President and Chief Information Officer at KAMAN Corp.
- Action
- resigned
- Role
- Vice President and Chief Information Officer
Exact text from the filing
• Rafael Z. Cohen, Vice President and Chief Information Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Richard S. Smith, Jr. changed role as Senior Vice President and General Counsel at KAMAN Corp.
- Action
- promoted
- Role
- Senior Vice President and General Counsel
Exact text from the filing
Richard S. Smith, Jr., Vice President, Deputy General Counsel and Secretary, will become Senior Vice President and General Counsel of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Russell J. Bartlett resigned as Senior Vice President and Chief Operating Officer at KAMAN Corp.
- Action
- resigned
- Role
- Senior Vice President and Chief Operating Officer
Exact text from the filing
• Russell J. Bartlett, Senior Vice President and Chief Operating Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Roy Dilig changed role as Vice President – Information Technology at KAMAN Corp.
- Action
- promoted
- Role
- Vice President – Information Technology
Exact text from the filing
Roy Dilig, Director of Information Technology for the Company’s Bal Seal Engineering subsidiary, will become Vice President – Information Technology of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Shawn G. Lisle resigned as Senior Vice President, General Counsel, Chief Ethics and Compliance Officer and Assistant Secretary at KAMAN Corp.
- Action
- resigned
- Role
- Senior Vice President, General Counsel, Chief Ethics and Compliance Officer and Assistant Secretary
Exact text from the filing
• Shawn G. Lisle, Senior Vice President, General Counsel, Chief Ethics and Compliance Officer and Assistant Secretary
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
KAMAN Corp announced a restructuring with charges of $10 to $12 million affecting company-wide (reducing headcount).
- Type
- restructuring
- Charge
- $10 to $12 million
- Affected area
- company-wide
- Headcount
- reducing headcount
Exact text from the filing
the Company currently expects to incur approximately $10 to $12 million in total pre-tax restructuring charges, consisting of approximately $9 to $10 million of future cash expenditures relating to various headcount reduction and personnel initiatives
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
KAMAN Corp announced a impairment with charges of $54 million of noncash charges affecting inventories and fixed assets.
- Type
- impairment
- Charge
- $54 million of noncash charges
- Affected area
- inventories and fixed assets
Exact text from the filing
approximately $54 million of noncash charges relating to the write down of existing aircraft, contract costs, excess spare parts and equipment inventories
View on SEC.gov
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