12/1/2012 11:37:00 AM
NEWS BRIEFS
Buying Spree Continues at Precision Castparts
Precision Castparts Corp. agreed to acquire Synchronous Aerospace Group, a mechanical assemblies supplier for commercial aerospace and defense markets.
The move follows PCC’s November deal to acquire Titanium Metals Corp. (Timet) for $2.9 billion.
Synchronous manufactures high-lift mechanisms and secondary flight controls, as well as structural components, including wing ribs, bulkheads, and track and beam assemblies. Core capabilities include gantry machining, hard-metal machining, high-speed machining, turning, sheet-metal forming, and metal and composite bonding. Synchronous has approximately 690 employees in four locations: Santa Ana, CA; Kent, WA; Wichita, KS; and Tulsa, OK.
“Synchronous is another tuck-in acquisition that will make a strong contribution as we continue to expand our aerostructures capabilities,” said PCC CEO Mark Donegan.
“We can pull in house the fasteners, forgings, and castings that Synchronous currently purchases on the outside.”
The cash transaction is expected to be completed by the end of December, after which Synchronous’s results will be reported as part of the Airframe Products segment. ©2012 GlobalFastenerNews.com
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