Precision Castparts Agrees To Buy Klune Industries

PORTLAND, Ore. (AP) â¿¿ Metal parts maker Precision Castparts Corp. said Monday that it will buy Klune Industries, which makes components used in building the structure of airplanes.

Precision Castparts did not disclose terms of the deal. It said Klune has around 470 employees. Subject to regulatory approvals, Precision Castparts expects to complete the sale during its fiscal second quarter, which ends Sept. 30. It said Klune will become part of its fastener products business and the acquisition will add to its profit immediately.

Klune products are used on Boeing 787 and 737 aircraft, as well as the Gulfstream G650 business jet.

Shares of Precision Castparts rose $1.18 to $165.67 in afternoon trading.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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