Precision Castparts to buy Permaswage
Precision Castparts Corp. agreed to acquire Permaswage SAS, a designer and manufacturer of aerospace fluid fittings, for $600 million.
Permaswage's primary focus is the design and manufacture of permanent fittings used in fluid conveyance systems for airframe applications, as well as related installation tooling. The company has particular expertise in swaged fittings, which establish a permanent connection between two tubes, and a growing presence in separable (threaded) fittings.
The company operates manufacturing locations in Gardena, Calif.; Paris, France; and Suzhou, China, and employs approximately 680 people.
"The acquisition of Permaswage continues our disciplined drive to enhance our value proposition to our airframe customers," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "The company extends our reach into permanent fittings, building on the foothold in separable fittings we established with the acquisition of Airdrome. Permaswage has secured strong permanent fittings positions on key current and next-generation commercial aircraft platforms, and the long-term opportunities for profitable growth that we can derive from this acquisition are substantial."
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