Consolidated Precision Products Corp., a producer of cast parts for commercial aerospace and defense customers, agreed to by Selmet Inc., a manufacturer of titanium investment castings in Albany, OR. The value of the transaction was not announced.
Selmet's current management team will remain in place, the buyer noted.
"This highly complementary acquisition will round out our product offering to include titanium castings, enabling us to meet the strong demand from customers seeking advanced titanium content for next-generation platforms,” explained CPP chief executive James Stewart, in a statement on the transaction.
Cleveland-based CPP operates 13 investment casting foundries in the U.S., Mexico, Poland, and Slovakia. It also has six sand casting and permanent-mold casting foundries in the U.S. and Mexico. In addition, CPP has three separate parts processing plants in the U.S. and Mexico. Its products are poured in steel, aluminum, magnesium, and superalloys, and its capabilities range from melting and refining to core and mold production, rapid prototyping, tooling design and production, CNC and finish machining, as well as part and system assembly.
CPP’s customers include General Electric, Honeywell, Pratt & Whitney, and Lockheed Martin.
Adding the titanium casting capability of Selmet will expand CPP’s capabilities to supply cast and machine parts for aerospace and defense programs.
"We believe the combination of CPP and Selmet's products creates a highly attractive and comprehensive platform for CPP's customers in the aerospace and defense industries," stated Dan Zamlong, managing director of Warburg Pincus, the private-equity group that acquired Consolidated Precision Products in 2011.