Precision Castparts grows with 15th acquisition

| Print |  Email
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
 

More Articles

Nine lives

Linda Baker
Friday, May 22, 2015
0f4f7bfBY LINDA BAKER | EDITOR

Roy Kaufmann always lands on his feet.


Read more...

Marijuana law ushers in new business age

The Latest
Tuesday, June 23, 2015
062315panelthumbBY KIM MOORE | RESEARCH EDITOR

Oregon’s new marijuana law is expected to lead to a bevy of new business opportunities for the state. And not just for growers. Law firms, HR consultants, energy efficiency companies and many others are expected to benefit from the decriminalization of pot, according to panelists at an Oregon Business breakfast meeting on Tuesday.


Read more...

Photo Log: The 2015 100 Best Green Workplaces in Oregon

The Latest
Wednesday, May 27, 2015
greenthumbPHOTOS BY JASON E. KAPLAN

Oregon Business celebrated the 100 Best Green Workplaces with an awards luncheon yesterday at the Nines Hotel in downtown Portland.


Read more...

Oregon businesses face destruction from future earthquake

The Latest
Wednesday, May 20, 2015
htctthumb1BY KIM MOORE | RESEARCH EDITOR

An earthquake would completely destroy many Oregon businesses, highlighting the urgent need for the private and public sectors to collaborate on shoring up disaster preparedness, said panelists at an Oregon Business breakfast summit today.


Read more...

Destination Resorts 2.0

June 2015
Friday, May 22, 2015
BY LINDA BAKER | PHOTOS BY JASON E. KAPLAN

As the recession recedes and tourism grows, Central Oregon resorts redefine themselves for a new generation.


Read more...

Queen of Resilience

June 2015
Friday, May 22, 2015
BY AMY MILSHTEIN

Astrid Scholz scales up sustainability.


Read more...

The ancient fish that stops bullets

The Latest
Friday, May 08, 2015
hagfishthumbBY CHRIS NOBLE | PHOTOS BY JASON E. KAPLAN

Hagfish may not have evolved much over the last 300 million years, but their protein-heavy slime promises advances in super-materials.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS