Precision Castparts Buys Primus to Expand in Airframes
The cash acquisition will add to earnings immediately and is expected to close in the third quarter, Precision Castparts and private equity firm Oak Hill Capital Partners said in separate statements. Oak Hill purchased Primus in 2006.
Primus, based in Bellevue, Washington, makes components, passenger and exit doors and flight-control assemblies. The company employs 1,500 workers at seven plants in the U.S., China, Thailand and England, according to a statement from Portland, Oregon-based Precision Castparts.
“The acquisition of Primus clearly demonstrates our focused pursuit of component manufacturing businesses that align with our core competencies,” Precision Castparts Chief Executive Officer Mark Donegan said in the statement. “Moving deeper into metallic and composite airframe applications is a natural strategic evolution for Precision Castparts, and Primus offers the right platform to build from.”
Precision Castparts made an unsuccessful attempt last year to buy aircraft-parts supplier McKechnie Aerospace Holdings Inc., which was purchased by TransDigm Group Inc. for about $1.27 billion in December.
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