Precision Castparts Declares Dividend at Quarterly Board Meeting

Precision Castparts Declares Dividend at Quarterly Board Meeting

PORTLAND, Ore., Aug. 14, 2013 (GLOBE NEWSWIRE) -- At yesterday's quarterly
board meeting, the board of directors of Precision Castparts Corp. (NYSE:PCP)
declared a quarterly cash dividend and authorized an increase to its share
repurchase program.

A quarterly cash dividend of $0.03 per share on the company's common stock
will be payable on September 30, 2013, to shareholders of record at the close
of business on September 6, 2013.

The board also approved an additional $750 million for use in the Company's
stock repurchase program, effective immediately and continuing through June
2015. This amount is in addition to approximately $400 million remaining from
a prior authorization.

"As we have done in the past, we will continue to aggressively pursue
synergistic acquisitions as the primary use of our cash flow," said Mark
Donegan, chairman and chief executive officer of Precision Castparts Corp. "At
the same time, we will use share repurchases opportunistically to enhance
value creation for shareholders. Our decision to expand the share repurchase
program is firmly supported by the Company's growth and cash generation

Repurchases under the Company's program will be made in open market or
privately negotiated transactions in compliance with Securities and Exchange
Commission Rule 10b-18, subject to market conditions, applicable legal
requirements, and other relevant factors. This share repurchase plan does not
obligate Precision Castparts Corp. to acquire any particular amount of common
stock, and it may be suspended at any time at the Company's discretion.
Precision Castparts Corp. had approximately 145.5 million shares of common
stock outstanding as of August 1, 2013.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex
metal components and products.It serves the aerospace, power, and general
industrial markets.PCC is the market leader in manufacturing large, complex
structural investment castings, airfoil castings, forged components and highly
engineered, critical fasteners for aerospace applications. The Company is
also the leading producer of airfoil castings for the industrial gas turbine
market. In addition, PCC manufactures extruded seamless pipe, fittings,
forgings, and clad products for power generation and oil & gas applications;
commercial and military airframe aerostructures; and metal alloys and other
materials to the casting, forging, and other industries.

Information included within this press release describing the projected growth
and future results and events constitutes forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of 1995. Actual
results in future periods may differ materially from the forward-looking
statements because of a number of risks and uncertainties, including but not
limited to fluctuations in the aerospace, power generation, and general
industrial cycles; the relative success of our entry into new markets;
competitive pricing; the financial viability of our significant customers; the
concentration of a substantial portion of our business with a relatively small
number of key customers; the impact on the Company of customer or supplier
labor disputes; demand, timing and market acceptance of new commercial and
military programs, including the Boeing 787; the availability and cost of
energy, raw materials, supplies, and insurance; the cost of pension and
postretirement medical benefits; equipment failures; product liability claims;
relations with our employees; our ability to manage our operating costs and to
integrate acquired businesses in an effective manner, including the ability to
realize expected synergies; the timing of new acquisitions; misappropriation
of our intellectual property rights; governmental regulations and
environmental matters; risks associated with international operations and
world economies; the relative stability of certain foreign currencies; the
impact of adverse weather conditions or natural disasters; the availability
and cost of financing; and implementation of new technologies and process
improvements. Any forward-looking statements should be considered in light of
these factors. We undertake no obligation to update any forward-looking
information to reflect anticipated or unanticipated events or circumstances
after the date of this document.

Precision Castparts Corp.'s press releases are available on the Internet at
Globe Newswire's website – or PCC's home page at If you wish to be removed from this list, please reply

CONTACT: Jay Khetani, Vice President of Investor Relations
         (503) 946-4700

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