A worldwide, diversified manufacturer of complex metal components and products
Precision Castparts Corp. Enhances Critical Aerospace Capabilities with Acquisition of PB Fasteners
PORTLAND, Oregon – May 5, 2011 – Precision Castparts Corp. (NYSE:PCP) has agreed to acquire the assets of PB Fasteners (PB).
PB is an industry leader in the design and manufacturing of fastener products for airframe applications, including the development of the SLEEVbolt ® fastening system. The company’s sleeve bolt technology is critical to mitigating the impact of lightning strikes on the Boeing 787 aircraft. Located in Gardena, California, PB entered the aerospace fastener business in 1967.
“We have been looking at PB for a long time as part of our continued strategy to expand our critical aerospace fastener portfolio,” said Mark Donegan, Chairman and chief executive officer of Precision Castparts Corp. (PCC). “PB provides the technology to accelerate our growth into composite-based aircraft like the 787, as well as other new, advanced aerospace platforms. We will look to leverage their knowledge base across our other fastener operations. In addition, PB will now be our ninth fastener manufacturing operation in southern California, providing further opportunities for synergies and leverage.”
Specific details of the deal are not being disclosed. Subject to regulatory approvals, the acquisition is expected to be completed in the first quarter of fiscal 2012, after which PB’s results will be reported as part of the Fastener Products segment.
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines. The Company is also a leading producer of highly engineered, critical fasteners for aerospace and other general industrial markets, and supplies metal alloys and other materials to the casting and forging industries.
Information included within this press release describing projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, and general industrial cycles; the relative success of the Company’s entry into new markets; competitive pricing; the financial viability of the Company’s significant customers; the impact on the Company of customer labor disputes; demand, timing and market acceptance of new commercial and military programs; the availability and cost of energy, materials, supplies, and insurance; and the cost of pension benefits and post-retirement medical benefits; equipment failures; relations with the Company’s employees; the Company’s ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; the impact of adverse weather or natural disasters; the availability and cost of financing; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.
Dwight E. Weber