Precision Castparts Corp. enters aerospace fluid fittings market with acquisition of Airdrome Holdings

Precision Castparts Corp. (NYSE:PCP) has agreed to acquire Airdrome Holdings, LLC (Airdrome), which consists of Airdrome Precision Components (APC) and AF Aerospace Ltd. (AFA).

APC, located in Long Beach, California, is a leading supplier of hydraulic and pneumatic fluid fittings primarily for airframe applications. AFA, located in Rugby, England, manufactures a variety of machined components for aerospace applications, including fittings and other fluid conveyance products, ultra-high tensile bolts, and machined details. Fluid fittings, manufactured in nickel, titanium, and stainless steel alloys, are the critical connectors for hoses transporting fuel, hydraulic fluid, and pneumatic pressure throughout an aircraft.

"The acquisition of Airdrome continues to expand and enhance our critical aerospace fastener product portfolio," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "APC provides an immediate entry into the fluid fittings market segment, while AFA nicely complements our UK 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."

The acquisition of Airdrome for cash will be immediately accretive to earnings. Subject to regulatory approvals, the acquisition is expected to be completed in the third quarter of fiscal 2009, after which Airdrome's results will be reported as part of the Fastener Products segment.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines. The Company is also a leading producer of highly engineered, critical fasteners for aerospace, automotive, and other markets and supplies metal alloys and other materials to the casting and forging industry.