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Precision Castparts Corp. (NYSE:PCP), Portland, OR, has agreed to acquire Primus International for $900 million in cash.
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Primus is a supplier of complex components and assemblies to the global aerospace industry, including swaged rods, advanced composites, and machined aluminum and titanium components. Product applications include wing, fuselage and engine-related assembly, passenger and exit doors, and actuation and flight control assemblies. Headquartered in Bellevue, WA, Primus employs 1,500 people across seven manufacturing locations, including three in the Seattle, Washington area, as well as Tulsa, OK; Suzhou, China; Bangkok, Thailand; and Farnborough, England.
"The acquisition of Primus clearly demonstrates our focused pursuit of component manufacturing businesses that align with our core competencies," said Mark Donegan, CEO of Precision Castparts Corp. "Primus has assembled a group of world-class manufacturing assets, both through acquisition and greenfield construction. For example, University Swaging is the industry's most technologically advanced manufacturer of swaged rods and flight control assemblies. In addition, Primus operates four advanced machining and assembly facilities – Accra, Auburn, Suzhou and Walden's – and has just completed construction of a state-of-the-art machining and composites facility in Thailand.
"Like PCC, Primus serves as a component supplier and maintains deep relationships with its key OEM and Tier 1 customers," Donegan said. "Primus has focused on enhancing its capabilities and leveraging its customer interface to increase penetration on key aircraft platforms. ... The company has done particularly well in taking components they make and incorporating rods, fasteners and other components to ultimately supply an assembly, instead of a single part, increasing the value delivered to the customer."
Moving deeper into metallic and composite airframe applications is a natural strategic evolution for PCC, and Primus offers the right platform to build from, Donegan said.
Precision Castparts Corp. is a diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets.