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Precision Castparts grows with 15th acquisition

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Articles - March 2010
Thursday, February 25, 2010

Oregon’s fastest-growing public company has grown even more formidable — and complicated — with its recent acquisition of a 49% share in Yangzhou Chengde Steel Tube Co. of Jiangsu Province, China.

The deal represents the 15th acquisition Portland-based Precision Castparts (PCP) has made since Mark Donegan took over as CEO in 2002. Donegan has earned a strong reputation among investors and analysts as a hard-charging leader who has grown the company’s market value by a factor of 10 in less than eight years. The company ranked 362nd on the most recent Fortune 500 list.

Donegan has been relentless in his pursuit of metal casting companies specializing in aeronautics. Here’s a list of businesses PCP has purchased since Donegan took over, investing a total of $3.9 billion:

December 2003: SPS Technologies of Jenkintown, Pa., for $729 million
March 2005: Air Industries Corp. of Garden Grove, Calif., for $198 million
January 2006: Shur-Lok and Shur-Lok Intl. of Irvine, Calif., for $113 million
May 2006: Special Metals of Huntington, W.Va., for $528 million
February 2007: GSC Foundries of Ogden, Utah, $77 million
February 2007: Cherry Aerospace of Santa Ana, Calif., for $298 million
April 2007: McWilliams Forge of Rockaway, N.J., $91 million
July 2007: Caledonian Alloys, Livingston, Scotland, $208 million
September 2008: Airdrome Precision Components, Long Beach, Calif., price undisclosed
September 2008: AF Aerospace, Rugby, England, price undisclosed
November 2008: Fatigue Technology, Seattle, Wash., price undisclosed
December 2008: Hackney Ladish Holding Corp, Dallas, Texas, price undisclosed
September 2009: Carlton Forge Works, Paramount, Calif., for $850 million
January 2010: Yangzhou Chengde Steel Tube, China, $350 million

In a recent earnings call, Donegan said PCP had been pursuing the Chengde deal for more than a year and told analysts, “We are not going to retreat from taking advantage of every single opportunity to derive value from our businesses.”

BEN JACKLET
 

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