Precision Castparts To Buy Shur-Lok
Precision Castparts To Buy Shur-Lok
Jason Sandefur
Continuing to bolster its aerospace fastener holdings, Precision Castparts Corp. signed agreements to acquire Shur-Lok Corp. and Shur-Lok International Inc. for $110 million cash. Irvine, CA-based Shur-Lok manufactures critical aerospace fasteners, including barrel nuts, bearing lock nuts, composite fasteners, expandable diameter fasteners, honeycomb sandwich inserts, ring-locked fluid fittings, and ring-locked inserts and studs. Shur-Lok employs 270 people at its facilities in Irvine and Belgium.
“Like [Air Industries Corp.], Shur-Lok fits perfectly into our expanding critical aerospace fastener portfolio,” stated CEO Mark Donegan. “Their well-respected product line will significantly enhance the market basket of fastener offerings to our commercial airframe customers, while increasing our market reach into other critical fastener applications as well. Overall, Shur-Lok provides an excellent platform for continued profitable growth in our fastener products segment.”
PCC acquired airframe fastener manufacturer AIC for $194 million in April 2005, adding the operation to current fastener holdings that include SPS Technologies, which PCC bought in 2003.
Portland, OR-based PCC expects to close the Shur-Lok deal by the third quarter of fiscal 2006. PCC said the acquisition should generate about $30 million in tax savings over the next 15 years. Web: precast.com or shur-lok.com �2005 FastenerNews.com
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