Precision Castparts to Buy CHI; Boosts Aero-Engine Offering
Resource from: ZACKS Likes:194
Jul 15,2015
Precision Castparts Corp. (PCP - Analyst Report) disclosed an agreement for the buyout of Composites Horizons, LLC (‘CHI’) from American Industrial Partners for an undisclosed amount. Post-completion, the acquired company will be integrated into Precision Castparts’ Investment Cast Products segment. The company anticipates the buyout to be immediately accretive to its earnings.
Based in California, CHI is one of the leading suppliers of high temperature carbon and ceramic composite components meant for usage in highly advanced aerospace engines. The company has expertise in manufacturing high-strength and high-temperature tolerant performance-critical components. CHI boasts a client base and operates across the key next-generation commercial platforms such as 737 MAX, 777X, 787 and A320neo.
The latest acquisition is at par with Precision Castparts’ efforts toward expanding its footprints in composite and CMC components market. As per the company, given their advanced temperature and weight capabilities, the demand for composite and CMC components for aircraft engines will rise greatly in the coming decade.
Moreover, CHI’s strong position in the domain will augment Precision Castparts’ ability of offering a range of metallic and CMC material products to its engine clients. This will go a long way in boosting the company’s position as a premier technology provider among the top aero-engine manufacturers.
As a matter of fact, Precision Castparts continually focuses on expanding its product lines and markets, especially in airframe business. With previous buyouts like ADI, Permaswage and TIMET, the company has successfully expanded its aerostructure offerings and its role in the next-generation aircraft. Moreover, in fiscal 2016, Precision Castparts has planned to invest $270 million on the strategic buyout of two businesses to extend its vertical integration capabilities.
(ZACKS)
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