PORTLAND, Ore., May 6, 2012 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) has agreed to acquire Centra Industries ("Centra"), a state-of-the art aerostructures manufacturer located in Cambridge, Ontario.
Centra manufactures a range of machined airframe components and assemblies, in both aluminum and hard metals. Core competencies include the high-speed machining of complex, high-precision structures, sub-assembly, and kit integration. Established in 1974, Centra has approximately 400 non-union employees.
"The acquisition of Centra further grows our presence in the fragmented aerostructures market," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "The business broadens the range of our core capabilities, which will enable us to position our expanding product line in the facility best suited to the job. In addition, Centra has already established solid market share on growing commercial aircraft programs, such as the 787, 777, 747-8, and A380, and, in concert with our existing aerostructures operations, the opportunities for share gain are plentiful."
The cash acquisition will be immediately accretive to earnings. The transaction is expected to be completed during the first quarter of fiscal 2013, after which Centra'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, 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. In addition, the Company is the leading producer of airfoil castings for the industrial gas turbine market. 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 and forging industries.