|
|
| |
|
|
Precision Castparts to acquire Airdrome Holdings
8/28/2008 |
--------------------------------------------------------------------------------------------------------------- |
|
August 28, 2008
Precision Castparts to acquire Airdrome Holdings
Precision Castparts Corp has agreed to acquire Airdrome Holdings LLC, which consists of Airdrome Precision Components and AF Aerospace Ltd.
The acquisition of Airdrome for cash will be immediately accretive to earnings. Subject to regulatory approvals, the acquisition is expected to be completed in the third quarter of fiscal 2009, after which Airdrome's results will be reported as part of the Fastener Products segment.
APC, located at Long Beach in California, is a leading supplier of hydraulic and pneumatic fluid fittings primarily for airframe applications.
AFA, located at Rugby in England, manufactures a variety of machined components for aerospace applications, including fittings and other fluid conveyance products, ultra high tensile bolts, and machined details. Fluid fittings, manufactured in nickel, titanium and stainless steel alloys, are the critical connectors for hoses transporting fuel, hydraulic fluid, and pneumatic pressure throughout an aircraft.
Mr Mark Donegan chairman & CEO of Precision Castparts Corp said "The acquisition of Airdrome continues to expand and enhance our critical aerospace fastener product portfolio. APC provides an immediate entry into the fluid fittings market segment, while AFA nicely complements our UK fastener operations, TJ Brooks and SPS Aerostructures, both in product families and sales channels. Both of the Airdrome operations have significant growth opportunities, and we expect to realize operational synergies and benefits from economies of scale given our existing aerospace fastener facilities located near both APC and AFA."
Precision Castparts Corp is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, automotive, and general industrial and other markets.
|
|
|
|
|
