PORTLAND – November 17, 2008 – Precision
Castparts Corp. (NYSE:PCP) has agreed to acquire
Hackney Ladish, Inc. (Hackney Ladish), a leading
producer of forged pipe fittings for critical
energy infrastructure and related applications.
With more than 80 years of experience manufacturing
of pipe fittings, Hackney Ladish offers the widest
range of product types and sizes in the industry. Fittings
are used in piping systems throughout the energy
value chain, from drilling through processing and
storage. Hackney Ladish’s products
connect pipe, change the direction of flow, increase
or reduce pipe sizes, join or separate flow, or
cap pipe ends. Headquartered in Dallas, Texas,
Hackney Ladish operates manufacturing facilities
in Russellville, Arkansas and Enid, Oklahoma.
“The acquisition of Hackney Ladish significantly
broadens our role as a supplier of critical components
to energy markets worldwide,” said Mark Donegan,
chairman and chief executive officer of Precision
Castparts Corp. “Right now, Hackney
Ladish is the market and technology leader in the
manufacture of pipe fittings for oil and gas applications,
and we see great potential in continued growth
on both domestic and international fronts. Going
forward, we will look to leverage their products
and capabilities with our Wyman Gordon and Special
Metals pipe and tube operations into power generation,
chemical/petrochemical, and other applications.”
The cash acquisition of Hackney Ladish will be immediately
accretive to earnings. Subject to regulatory
approvals, the acquisition is expected to be completed
in December 2008, after which Hackney Ladish’s
results will be reported as part of the Forged
Products segment.
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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
impact on the Company of customer labor disputes;
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
