Precision Castparts says to buy Permaswage for $600 million
(Reuters) - Precision Castparts Corp (PCP.N) said it would buy France's Permaswage SAS for $600 million to expand its product range of airplane components, a deal that comes just months after a major acquisition of a titanium alloy maker.
The deal, which is expected to be completed in the second quarter of fiscal 2014, would immediately add to Precision Castparts' earnings, the company said.
The company has been active in acquisitions, announcing in November its purchase of Titanium Metals Corp, a leading maker of alloys used in jet engines, for $2.9 billion.
It also bought Canadian manufacturer Héroux-Devtek Inc's (HRX.TO) aerostructure and industrial products operations for C$300 million ($295.32 million) in cash last year.
Privately held Permaswage manufactures permanent fittings used in fluid conveyance systems for airframe applications.
"The company extends our reach into permanent fittings, building on the foothold in separable fittings we established with the acquisition of Airdrome," Chief Executive Mark Donegan, said in a statement. It purchased Airdrome Holdings LLC in 2008.
(Reporting by Arpita Mukherjee in Bangalore; Editing by Edwina Gibbs)
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