July 17, 2012
Precision Castparts Corp. acquires businesses from Heroux-Devtek
Precision Castparts Corp., a worldwide, diversified manufacturer of complex metal components and products, has agreed to acquire certain aerostructures business units and McSwain Manufacturing from Heroux-Devtek Inc. Heroux-Devtek’s aerostructures operations manufacture a wide variety of components and assemblies from aluminum, aluminum-lithium, and titanium, such as bulkheads, wing ribs, spars, frames, and engine mounts. The aerostructures operations include Progressive Machine in Arlington, Texas, as well as plants in Dorval (Montreal), Canada, and Queretaro, Mexico. McSwain, headquartered in Cincinnati, Ohio, specializes in turning, milling, and drilling, and has developed a strong presence in components for gas turbine and mining applications. These four facilities employ a total of 440 people. The cash acquisitions, which will be treated as the acquisitions of assets for tax purposes, will be immediately accretive to earnings. Subject to regulatory approvals, the transactions are expected to be completed during the second quarter of fiscal 2013. The aerostructures businesses will be reported as part of the Fastener Products segment, while McSwain will become part of the Forged Products segment.