Precision Castparts Completes SPS Acquisition

Jason Sandefur

Precision Castparts Corp. completed the acquisition of Jenkintown, PA-based fastener supplier SPS Technologies Inc. Under the merger agreement, PCC issued an aggregate of 9,302,283 shares of PCC common stock and paid $294.1 million in cash for all outstanding shares of SPS. Portland, OR-based PCC valued the deal, first announced in August, at about $729 million including assumption of debt. SPS has 5,700 employees and 35 plants around the world. PCC supplies components to the aerospace industry and reported $2.6 billion in revenue for 2002. The deal allows PCC to diversify its core business. Web: precast.com �2003 FastenerNews.com