PORTLAND, Ore., Aug. 17, 2007 (PRIME NEWSWIRE) -- Wyman-Gordon Forgings LP, a subsidiary of Precision Castparts Corp. (NYSE:PCP), 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.
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.
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.
Precision Castparts Corp.'s press releases are available on the Internet at the PrimeNewswire's website -- http://www.PrimeNewswire.com or PCC's home page at http://www.precast.com.