Precision Castparts Purchase Expands Aerospace Reach

Precision Castparts Corp. is buying Airdrome Holdings L.L.C., which includes Airdrome Precision Components (APC) and AF Aerospace Ltd. (AFA), two suppliers of fluid fittings and other critical aircraft components. Nickel, titanium, and stainless steel fluid fittings are connectors for hoses that transport fuel, hydraulic fluid, and pneumatic pressure throughout an aircraft.

Portland, OR-based Precision Castparts manufactures investment castings, airfoil castings, and forgings for aerospace, power generation, automotive, and general industrial and other markets.

The value of the purchase has not been reported. PCP stated the all-cash deal will be completed during the third quarter of 2008, and both divisions will be organized as part of the groups Fastener Products unit.

APC, Long Beach, CA, supplies hydraulic and pneumatic fluid fittings primarily for airframe applications. AFA, Rugby, England, machines aerospace components, including fittings and other fluid conveyance products, ultra-high tensile bolts, and machined details.

"The acquisition of Airdrome continues to expand and enhance our critical aerospace fastener product portfolio," stated Precision Castparts chairman and CEO Mark Donegan. "APC provides an immediate entry into the fluid fittings market segment, while AFA nicely complements our U.K. 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."