PORTLAND, Ore., March 8, 2005 (PRIMEZONE) -- Precision Castparts Corp. (NYSE:PCP) has completed the acquisition of Air Industries Corporation (AIC), a leading manufacturer of airframe fasteners, which include bolts, pins, and screws made from titanium and nickel-based alloys.
The acquisition of AIC, which was funded with cash on hand, will greatly expand Precision Castparts Corp.'s (PCC's) manufacturing capabilities and the range of fastener product families the Company can offer to its customers. AIC employs 510 people at its facilities in Garden Grove, California.
The financial results of AIC will be reported as part of PCC's Fastener Products segment, beginning with the Company's fourth-quarter/year-end earnings announcement scheduled for Tuesday, May 3, 2005.
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.
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 energy, materials, 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.
Precision Castparts Corp.'s press releases are available on the Internet at the PrimeZone Media Network's website -- http://www.PrimeZone.com or PCC's home page at http://www.precast.com.