Posted May 5, 2011
Precision Castparts buys PB Fasteners
Precision Castparts Corp. has agreed to acquire the assets of PB Fasteners,a manufacturer of fastener products for airframe applications.
The purchase price was not disclosed.
The company's sleeve bolt technology is critical to mitigating the impact of lightning strikes on the Boeing 787 aircraft. Located in Gardena, Calif., PB entered the aerospace fastener business in 1967.
"We have been looking at PB for a long time as part of our continued strategy to expand our critical aerospace fastener portfolio," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "PB provides the technology to accelerate our growth into composite-based aircraft like the 787, as well as other new, advanced aerospace platforms. We will look to leverage their knowledge base across our other fastener operations. In addition, PB will now be our ninth fastener manufacturing operation in southern California, providing further opportunities for synergies and leverage."
Subject to regulatory approvals, the acquisition is expected to be completed in the first quarter of fiscal 2012, after which PB's results will be reported as part of the Fastener Products segment.
