Precision Castparts Agrees To Buy Noranco For $560 Mln - Quick Facts

(RTTNews) - Precision Castparts Corp. (PCP), a supplier of complex machined and fabricated components for aero-engine, landing gear and airframe applications, Monday said it has agreed to acquire Noranco from MidOcean Partners and PSP Investments for $560 million.

The cash acquisition will be immediately accretive to earnings. The transaction is expected to be completed during the third quarter of fiscal 2016, after which its results will be reported as part of the Airframe Products segment.

According to the company, Noranco provides significant value to aerospace customers through a wide range of sophisticated capabilities including high precision machining and sheet metal fabrication, processing, assembly and testing.

It is a key supplier to the leading aerospace OEM and Tier 1 manufactures, and has established a balanced customer base. Its largest customers are Honeywell, UTAS, Safran, Bombardier, and Spirit.

The company has strong content positions on the next generation commercial platforms including 737, 787, 777, A350, and A320. Noranco employs 1,100 employees across eight manufacturing sites in North America.