Kaman Corp. engages in the design, manufacture and distribution of aircrafts, aircraft parts and components. It operates through the following segments: Distribution and Aerospace. The Distribution segment offers power transmission, automation, assembly, fabrication, and repair services. The Aerospace segment produces and sells aircraft bearings, composite aero structures, and arming solutions for missile and bomb systems. The company was founded by Charles H. Kaman in 1945 and is headquartered in Bloomfield, CT.
During the second quarter of 2019, we announced that we had entered into a definitive agreement to sell our Distribution segment to affiliates of Littlejohn & Co., LLC for total cash consideration of $700.0 million subject to customary closing conditions and working capital adjustments. The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions and the receipt of certain required consents and approvals. As a result of the definitive agreement, the Distribution segment results met the criteria for the presentation of assets and liabilities held for sale and discontinued operations. The results presented below represent the results of continuing operations, which include the Aerospace segment and our Corporate office. See Note 4, Discontinued Operations, to the Condensed Consolidated Financial Statements for further information on the Company's agreement to sell the Distribution segment.