Precision Castparts Corp., based in Cleveland, Ohio, is agreeing to acquire Permaswage SAS, a Gardena, Calif.-based designer and manufacturer of aerospace fluid fittings, for $600 million. The cash acquisition is estimated to be immediately accretive to earnings.
Permaswage primarily focuses on the design and manufacture of permanent fittings used in fluid conveyance systems for airframe applications, and related installation tooling. The company has expertise in swaged fittings, which establish a permanent connection between two tubes. It has a growing presence in separable fittings.
Permaswage operates manufacturing locations in Gardena, Calif.; Paris, France; and Suzhou, China. The firm employs around 680 people.
Precision Castparts Corp. is a manufacturer of metal components and products. It serves the aerospace, power, and general industrial markets.
Mark Donegan, CEO of Precision Castparts, says, ''The acquisition of Permaswage continues our disciplined drive to enhance our value proposition to our airframe customers. The company extends our reach into permanent fittings, building on the foothold in separable fittings we established with the acquisition of Airdrome.''
The transaction is expected to be completed during the second quarter of fiscal 2014.
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