ACQUISITION: Precision Castparts Acquires Fastener Engineers Group

John Wolz

Precision Castparts Corp. agreed to acquire privately held the Fastener Engineers Group Inc. of Rockford, IL.
Fastener Engineers manufactures wire-processing equipment.
Fastener Engineers becomes part of the PCC Specialty Products segment, which includes Reed-Rico and Astro Punch fastener-forming tools, Reed-Rico and Hartford fastener machines, Eldorado deep-hole-boring tools and machines, PCC Olofsson and PCC Pittler horizontal and vertical turning machine tools, and PCC Superior Fabrication products.
In 1962 Fastener Engineers introduced in-line wire-drawing machines supplied to the cold-heading industry. Its Lewis Machine manufactures straightening and cutting machines.
Precision Castparts CEO William McCormick said the acquisition �expands the business� expertise to the metalforming operations prior to cold heading and threading in the process of fastener production and enables us to offer a more complete, optimized solution to our customers. The combined sales channels of Reed-Rico and Fastener Engineers will also enhance our coverage of the worldwide fastener equipment market.�
Fastener Engineers� product line �shares commonality with other PCC Specialty Products tools and machines, which will provide significant cost-reduction potential through leveraged sourcing.�
PCC also can extend the wire straightening market beyond fasteners, McCormick pointed out.
Portland, OR-based Precision Castparts manufactures metal components and products, including structural investment castings, airfoil castings and forged components used in jet aircraft engines, industrial gas turbines, fluid management, industrial metalworking tools and machines, pulp and paper, tungsten carbide and airframe components.