What happened Precision Castparts?

What happened Precision Castparts?

What happened Precision Castparts?

It is the largest acquisition in the Warren Buffett-led conglomerate’s 50-year history. NEW YORK—Warren Buffett’s Berkshire Hathaway has agreed to buy Precision Castparts (IW500/116), a leading supplier to the aerospace industry, for $37.2 billion, in the largest acquisition in the conglomerate’s 50-year history.

How much is Precision Castparts worth?

Precision Castparts Corp.

Type Subsidiary of Berkshire Hathaway
Net income US$1.7 billion (FY 2014)
Total assets US$18.5 billion (FY 2014)
Total equity US$11.4 billion (FY 2014)
Number of employees 30,100 (March 2015)

What does Precision Castparts manufacture?

We are the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components, aerostructures and highly engineered, critical fasteners for aerospace applications. In addition, we are the leading producer of airfoil castings for the industrial gas turbine market.

How much did Buffett pay for Precision Castparts?

Warren Buffett said over the weekend that he “paid too much” when Berkshire Hathaway Inc. (NYSE: BRK/A) acquired Portland-based Precision Castparts Corp. for $37.2 billion in 2016.

What is Timet Specialise?

TIMET is First in Titanium Worldwide We melt and refine ingot and slab; manufacture mill products; and support our customers through a worldwide network of service centers and manufacturing facilities.

Who is the CEO of Precision Castparts?

Mark Donegan (Aug 2002–)
Precision Castparts Corp./CEO

Is Timet a public company?

In November 2012, the company was purchased for $2.9 billion by Precision Castparts Corp. (PCC) and now operates under the PCC Metals Group Division….Titanium Metals Corporation.

Type Subsidiary of Precision Castparts Corp.
Number of employees 2,530 (2007)
Parent Precision Castparts Corp.
Website www.timet.com

Is titanium a metal?

titanium (Ti), chemical element, a silvery gray metal of Group 4 (IVb) of the periodic table. Titanium is a lightweight, high-strength, low-corrosion structural metal and is used in alloy form for parts in high-speed aircraft.

Who are the subsidiaries of Precision Castparts?

PCC Airfoils, PCC Structurals, PCC Energy Group, PCC Fasteners, PCC Aerostructures Subsidiaries Wyman-Gordon , Special Metals Corporation , Titanium Metals Corporation , Texas Honing Inc.

Why did Precision Castparts shut down in Portland?

Core parts of the business have been struggling and the Portland company hasn’t grown meaningfully since its 2016 sale despite the robust U.S. economy. Precision Castparts notified employees Wednesday that it will shut down its main Portland site this month, blaming the coronavirus outbreak for eliminating demand for its heavy industrial products.

When did Precision Castparts get a tax break?

Precision received tax breaks from local governments in the Portland metro area in 2006 in exchange for a plant expansion. In 2007, the company purchased Cherry Aerospace to expand their fastener business.

Where does Precision Castparts get its titanium from?

Acquisitions then became the next growth engine. Precision Castparts acquired a titanium foundry in France from Messier Fonderie d’Arudy early in 1985 and moved the operations into a new plant in Ogeu-les-Bains, France, the following year. This operation continues to prosper today as PCC France, part of PCC Structurals.