PORTLAND, Oregon – August 17, 2007 – Wyman-Gordon
Forgings LP, a subsidiary of Precision Castparts
Corp. (PCP:NYSE) announced today that it has
entered into a new 4-year agreement with the
International Association of Machinists (IAM). The
IAM represents approximately 420 employees
at Wyman-Gordon Forgings’ Houston Plant. The
contract was approved by IAM employees on Friday,
August 17 and is effective immediately.
“We are pleased that we have successfully
reached agreement on the renewal terms and that
our employees have ratified the contract” said
Chris Ayers, President of Wyman-Gordon Forgings. “Our
relationship with the IAM remains strong and our
employees have and will continue to play an important
role as we work together to deliver product to
meet our customers needs” he said.
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Precision Castparts Corp. is a worldwide, diversified
manufacturer of complex metal components and products. It
serves the aerospace, power generation, automotive,
and general industrial and other markets. PCC
is the market leader in manufacturing large, complex
structural investment castings, airfoil castings,
and forged components used in jet aircraft engines
and industrial gas turbines. The Company
is also a leading producer of highly engineered,
critical fasteners for aerospace, automotive, and
other markets and supplies metal alloys and other
materials to the casting and forging industry.
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Information included within this press release describing
projected growth and future results and events
constitutes forward-looking statements, within
the meaning of the Private Securities Litigation
Reform Act of 1995. Actual results in future
periods may differ materially from the forward-looking
statements because of a number of risks and uncertainties,
including but not limited to fluctuations in the
aerospace, power generation, automotive, and other
general industrial cycles; the relative success
of the Company’s entry into new markets;
competitive pricing; the financial viability of
the Company’s significant customers; the
availability and cost of materials, energy, supplies,
insurance, and pension benefits; equipment failures;
relations with the Company’s employees; the
Company’s ability to manage its operating
costs and to integrate acquired businesses in an
effective manner; governmental regulations and
environmental matters; risks associated with international
operations and world economies; the relative stability
of certain foreign currencies; and implementation
of new technologies and process improvement. Any
forward-looking statements should be considered
in light of these factors. The Company undertakes
no obligation to publicly release any forward-looking
information to reflect anticipated or unanticipated
events or circumstances after the date of this
document.
Contact:
Dwight E. Weber
503-417-4855
