SPS Drives PCC Stock Split

Jason Sandefur

Bolstered by the performance of SPS Technologies, Precision Castparts Corp. announced a two-for-one stock split.
“Now is an excellent time to emphasize our strong confidence in PCC’s continued profitable growth,” stated CEO Mark Donegan. “Today, the striking success of the SPS acquisition, coupled with vigorous growth in our major end markets and very promising opportunities for additional share gain, has propelled the stock to new highs.”
Portland, OR-based Precision Castparts assembled a fastener division by acquiring SPS Technologies in 2003 for $893 million, followed by airframe fastener manufacturer Air Industries Corp. in early 2005 for $194 million.
Donegan said shareholders of record as of August 29, 2005, will receive one additional share of common stock for each share of common stock held on the record date. The new shares will be issued on September 8, 2005. As of August 4, 2005, PCC had approximately 66.4 million shares of common stock outstanding.
The move marks the second stock split for PCC. The company also split its stock in 2000 after acquiring Wyman-Gordon. Web: precast.com �2005 FastenerNews.com