Kaman Corp. [KAMN] on Monday said it has completed the sale of its Distribution segment to the private equity firm Littlejohn & Co. for $700 million in cash, allowing it to better focus on its aerospace and defense products portfolio.

Kaman first announced the deal with Littlejohn & Co. in June, saying at the time that pending sale is key milestone in its “portfolio transformation” and that the outcome would be a strengthened balance sheet that enables more investment in its “higher margin, higher growth aerospace and engineered products businesses to enhance shareholder value.”

Kaman said previously it expects to receive $600 million in net sale proceeds, $100 million of which will go toward paying down debt. The company also said the proceeds will be put toward increasing research and development and pursuing acquisitions.

“The completion of the sale of our Distribution segment marks a return to Kaman’s roots as a highly focused aerospace and engineered products company,” Neal Keating, Kaman’s chairman, president and CEO, said in a statement. “With a stronger balance sheet and increased financial flexibility, Kaman is well positioned to invest in new technologies, to deliver innovative solutions that meet our customers’ needs, and to pursue strategic acquisition opportunities that will accelerate our future growth.”

Kaman’s Aerospace segment has nearly 3,000 employees and is expected to generate between $730 million and $760 million in sales this year. The business makes structures, components and systems for commercial and military aircraft, the K-MAX medium-lift helicopter, the SH-2G Super Seasprite naval helicopter, fuzing products for munitions, and specialty bearings and engineered products for aircraft, space systems, ships and other industrial products.

The $1.1 billion Distribution segment distributes a wide range of products including electro-mechanical, bearings, power transmission, motion control, automation, and millions more across most industries.