Centra Industries Announces Sale to Precision Castparts Corp.
CAMBRIDGE, Ontario -- May 07, 2012
Centra Industries (“Centra” or the “Company”) of Cambridge, Ontario has agreed
to be acquired by Precision Castparts Corp. (“PCC”) (NYSE:PCP), a worldwide
manufacturer of complex metal components and products, it was announced today.
PCC’s annual sales are greater than $7 billion and it primarily serves the
aerospace, energy/power generation and general industrial markets around the
Centra is a leading manufacturer of complex aerostructures components for the
world’s major commercial and military aircraft programs. Its products can be
found on leading platforms such as Boeing’s 737, 747, 777, and 787,
Bombardier’s RJ and Business Jet programs, Airbus’s A-380, and Lockheed
Martin’s F35. With 400 employees today, Centra has grown significantly since
its founding in 1974. Purchased in 1986 by Bob McIntyre and then taken over by
his son Dave McIntyre, the Company has evolved from a small tool and die
operation into a highly-focused technology-driven aerospace manufacturer. In
2007, Dave McIntyre led a recapitalization of the company with the investment
firm Heritage, of Boston, Massachusetts. Since then, Centra has further
strengthened its competitive position, adding 200 employees, investing
significantly in capital equipment and opening a second manufacturing and
assembly facility on its Cambridge campus.
The combination with PCC is a highly strategic step designed to support the
next level of strong growth. Over the next decade, Centra is well positioned
for continued rapid growth and as part of PCC will benefit from the trend of
aerospace companies looking to partner with larger, more capable suppliers.
“This is a key next step in the evolution of our Company”, says Dave McIntyre,
President of Centra. “PCC has a proven track record in acquiring businesses
like Centra and continuing to nurture the entrepreneurial spirit of the
company. Their interest in Centra is a strong indicator of the world-class
position Centra has developed in aerostructures manufacturing from its humble
beginnings some 38 years ago. We are excited to join an organization that will
expand our universe of opportunities in the future, building on our long
history of growth. “
Centra will continue to expand its workforce with further investment in
machining and assembly technologies in the coming months. “There is no slowing
down”, says McIntyre, “we have large growth forecasted for our business and we
need to stay focused on executing on our commitments.”
Mark Jrolf, Managing General Partner of Heritage, added, “For the past five
years I have watched the team at Centra drive the Company to become one of the
preeminent suppliers to the aerospace industry. Together with Precision
Castparts, they now will be able to apply their capabilities to the greatest
The transaction is expected to close in the second quarter. Wells Fargo
Securities served as the exclusive financial advisor to Centra, and legal
counsel was provided by law firms Choate, Hall & Stewart LLP and Gowling
Lafleur Henderson LLP.
Dan Leinweber, 978-440-7878
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