Precision Castparts Joins S&P 500

Jason Sandefur

Standard & Poor”s announced aerospace fasteners and engine parts manufacturer Precision Castparts Corp. will join its flagship S&P 500 stock index.
Portland, OR-based Precision Castparts will be added to the S&P 500 GICS (Global Industry Classification Standard) Aerospace & Defense Sub-Industry index. The company replaces MedImmune Inc., a biotechnology company being acquired by AstraZeneca Plc for more than $15 billion.
In just over three years, Precision Castparts has forged a $1.25 billion fastener business that reported a 19% revenue increase in fiscal 2007, with segment operating profit gaining 50% to $265.5 million. The company fastener portfolio includes Cherry Aerospace, Air Industries and Shur-Lok.
Overall PCC revenue rose 52% to a record $5.36 billion in fiscal 2007, while net income jumped 80% to $633.1 million.
Precision Castparts shares closed up 56 cents at $116.26, while rising 2.1%, or $2.43, to $118.69 in electronic trading after the S&P announcement. \ �2007 FastenerNews.com