PCC Acquires Cherry Aerospace From Acument (Textron)
PCC Acquires Cherry Aerospace From Acument (Textron)
John Wolz
Precision Castparts Corp. has agreed to acquire Cherry Aerospace LLC from Acument Global Technologies Inc. for $300 million.
Acument is the former Textron Fastening Systems.
Founded in 1939 Cherry manufactures aerospace rivets and blind bolts. Cherry’s products are primarily used in structural applications in commercial and military aircraft. Cherry employs 500 people at its facility in Santa Ana, CA.
“Cherry has been one of our top ‘tuck-in’ targets since our acquisition of SPS Technologies,” Precision Castparts CEO Mark Donegan explained. “As with Air Industries and Shur-Lok, Cherry will fill a significant gap in SPS’s product line of critical aerospace fasteners.” Cherry rivets and bolts are frequently specified by brand name on customers’ blueprints, Donegan pointed out. “This acquisition continues to grow our presence in Southern California, opening up potential synergies and economies of scale with our other fastener operations,” Donegan added.
PCC is financing the all-cash acquisition with cash on hand and existing credit. The deal is subject to regulatory approvals.
Portland, OR-based Precision Castparts is a global manufacturer of metal components and products for the aerospace, power generation, automotive and general industrial markets. Web: precast.com �2007 FastenerNews.com
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