Precision Castparts to buy Primus for $900 million
Sunday, July 10, 2011
PORTLAND, Ore. (AP) -- Precision Castparts Corp., a manufacturer of metal components for the aerospace, power and general industrial markets, said it has agreed to acquire aerospace component supplier Primus International for $900 million in cash.
Primus, based in Bellevue, Wash., supplies components used to manufacture wings, fuselages, engine-related assembly, passenger and exit doors, flight controls and other aircraft parts. The company, owned by private equity firm Oak Hill Capital Partners, has about 1,500 employees across seven manufacturing locations, including three in the Seattle area.
Precision Castparts said Primus' customers include Boeing Co. and Airbus.
Precision Castparts said the acquisition is expected to close in its fiscal 2012 second quarter and will immediately add to earnings.