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Diversified manufacturer Precision Castparts Corp. (NYSE: PCP), Portland, OR, has agreed to acquire California-based Permaswage SAS, a manufacturer of aerospace fluid fittings, for $600 million.
Permaswage designs and manufactures permanent fittings for use in fluid conveyance systems for airframe applications, as well as related installation tooling. The company has particular expertise in swaged fittings, which establish a permanent connection between two tubes, and a growing presence in separable (threaded) fittings.
"The company extends our reach into permanent fittings, building on the foothold in separable fittings we established with the acquisition of Airdrome. Permaswage has secured strong permanent fittings positions on key current and next-generation commercial aircraft platforms,” said Mark Donegan, chairman and chief executive officer of Precision Castparts.
Permaswage operates manufacturing locations in Gardena, CA; Paris, France; and Suzhou, China, and employs about 680 people. The transaction is expected to be completed during the second quarter of fiscal 2014, after which its results will be reported as part of the Airframe Products segment.