Precision Castparts to buy Permaswage for $600M

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Precision Castparts Corp. said Thursday that it has agreed to buy Permaswage SAS for $600 million in cash.

Permaswage of Gardena, Calif., designs and manufactures permanent fittings used in aerospace fluid transfer systems, along with related installation tooling.

Precision Castparts, based in Portland, Ore., said the acquisition extends its reach into permanent fittings and is expected to immediately boost its profits. The deal is expected to close in the second quarter of fiscal 2014.