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Precision Castparts Agrees to Buy McSwain Manufacturing

Precision Castparts Corp. (NYSE: PCP), Portland, OR, a manufacturer of complex metal components and products for aerospace, power and general industrial markets, has agreed to acquire certain aerostructures business units and McSwain Manufacturing, Cincinnati, OH, from Heroux-Devtek Inc.

Heroux-Devtek's aerostructures operations manufacture 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 specializes in turning, milling, and drilling, and has developed a presence in components for gas turbine and mining applications.

"In addition to serving our current customer base, Heroux-Devtek strengthens our presence with such key customers as Lockheed, Bombardier and Gulfstream,” said Mark Donegan, chairman and CEO of Precision Castparts. “The acquisition significantly enhances our ability to machine longer aircraft ribs and spars, as well as larger forged components such as our titanium bulkheads from Grafton, which we can then supply directly to our OEM customers.”

The acquisitions 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.

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