Precision Castparts Corp. Expands Forging Capabilities With Acquisition of Tru-Form Rings Operations

PORTLAND, Ore., June 14, 2011 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) has agreed to acquire the rings operations of Unison Engine Components (Tru-Form) from GE Aviation, an operating unit of GE.

Tru-Form is a leader in the manufacture of flash-welded and cold-rolled rings for jet engine and gas turbine applications, including spacer rings, combustion casings and liners, LPT casings, and fan cases. The innovative Tru-Form cold-rolling process produces a near-net-shaped part from a flash-welded ring, reducing material and machining costs and enabling the production of more complex part shapes. Tru-Form employs approximately 275 people across its three locations in Wilkes-Barre and Mountaintop, Pennsylvania, and Tyseley, England.

"Tru-Form broadens our forged product range, adding flash-welded and cold-rolled rings to our portfolio," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. (PCC). "Tru-Form, which supplies all major engine OEMs, has exposure to every major commercial aircraft in production today. We have pursued this transaction with GE for over a year and are excited to bring these operations into the PCC family."

The assets comprising Tru-Form are being acquired for cash, and the transaction will be immediately accretive to earnings. Subject to regulatory approvals, the transaction is expected to be completed late in the first quarter of fiscal 2012, after which the results of Tru-Form will be reported as part of PCC's Forged 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, and forged components used in jet aircraft engines and industrial gas turbines. The Company is also a leading producer of highly engineered, critical fasteners for aerospace and other general industrial markets, and supplies metal alloys and other materials to the casting and forging industries.