Precision Castparts Corp, a US supplier of metal parts for the aerospace, defence and automobile industries, on Monday said it would buy the aircraft parts business of Canada's Héroux-Devtek Inc, for about $295 million in cash.
Precision Castparts is buying certain aerostructures business units and McSwain Manufacturing from the Quebec, Canada-based company that makes aerospace and industrial products from its twelve production facilities in North America.
Heroux-Devtek's aerostructures operations manufacture components and assemblies from aluminum, aluminum-lithium, and titanium, such as bulkheads, wing ribs, spars, frames, and engine mounts.
The aerostructures operations include Progressive Machine in Arlington, Texas, as well as plants in Montreal, Canada, and Queretaro, Mexico.
McSwain, headquartered in Cincinnati, Ohio, specialises in turning, milling, and drilling, and has developed a strong presence in components for gas turbine and mining applications. These four facilities employ a total of 440 people.
Portland, Oregon-based Precision Castparts is a diversified manufacturer of complex metal components and products serving the aerospace, power, and general industrial markets.
It is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components, and highly engineered, critical fasteners for aerospace applications.