Precision Castparts Corp. Expands Forged Products Capabilities With Acquisition of Dickson Testing and Aerocraft Heat Treating

PORTLAND, Ore., May 20, 2012 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) has agreed to acquire Dickson Testing Company ("Dickson") and Aerocraft Heat Treating Company ("Aerocraft").

Destructive testing/certification and pre-machine heat treating are vital links in the global aerospace supply chain. Dickson offers a full range of destructive testing services including: mechanical properties; metallurgical and chemical analyses; and low-cycle fatigue testing.

Aerocraft provides precision heat treating services for titanium and nickel alloy forgings and castings used in the aerospace industry, as well as other related services including straightening, de-twisting and forming. Dickson is located in South Gate, California, with approximately 110 employees, and Aerocraft is in Paramount, California, with nearly 60 employees.

"These two businesses, Dickson and Aerocraft, are absolutely essential service providers to the aerospace industry, including many of our manufacturing operations," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "Acquiring these assets enables us to integrate and expand their capabilities both within our own facilities and with their many valued aerospace customers worldwide. These services are also employed by metal component manufacturers in other industries. Over time, we will look to expand Dickson's and Aerocraft's reach, while preserving and building on the strong relationships they have built with a broad base of aerospace customers."

The cash acquisitions, which will be treated as the acquisitions of assets for tax purposes, will be immediately accretive to earnings.

Subject to regulatory approvals, the transactions are expected to be completed during the first quarter of fiscal 2013, after which their results will be reported as part of the 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, 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.