PORTLAND, Ore., Oct. 7, 2012 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) has agreed to acquire Texas Honing, Inc. ("THI" or the "Company").
THI provides precision, tight tolerance pipe processing services, including honing, boring, straightening, and turning. The Company's products are used in oil & gas drilling, completion, and production applications, as well as other commercial markets. The Company operates three facilities in the Houston, Texas, area and employs more than 200 people.
"The acquisition of THI continues our steady push to establish a broader presence in the oil & gas market and to add capabilities that enable us to better serve that market," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "As we become a larger supplier of nickel alloy downhole casing to the industry, THI has capabilities that will make our casing manufacturing process quicker and more efficient. In addition, we will be able to supply finished pipe in future project bids, which will give us the opportunity to gain further share in an end market where we see significant growth going forward."The cash acquisition of THI will be immediately accretive to earnings. Subject to regulatory approvals, the transaction is expected to be completed during the third quarter of fiscal 2013, after which its results will be reported as part of the Forged Products segment. Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components, and highly engineered, critical fasteners for aerospace applications. In addition, the Company is the leading producer of airfoil castings for the industrial gas turbine market. PCC manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting and forging industries.