PORTLAND, Ore., Oct. 6, 2008 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) has agreed to acquire Fatigue Technology, Inc. (FTI), headquartered in Seattle, Washington.
In 1969, FTI pioneered the cold expansion process, which extends fatigue life in both metal and composite airframe fastener holes. The cold expansion process involves radial expansion of an existing hole, imparting residual compressive stress around the hole, and dramatically extending fatigue life. All products manufactured by FTI, including split sleeves, bushings, rivetless nut plates, blind nuts, and fittings, utilize the cold expansion process in their installation and are specified by the airframe manufacturer to obtain the desired fatigue life benefits. Further information on the company's products and processes is available at www.fatiguetech.com.
"The acquisition of FTI continues our efforts to grow and enhance our critical aerospace fastener product offering," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. (PCC). "The company fits squarely with all our core competency targets, and its sales are nearly 100 percent to the aerospace market. FTI is the technology leader in fatigue life extension for airframe applications, and we will look to leverage their expertise and knowledge base across our other fastener businesses."
The cash acquisition of FTI will be immediately accretive to earnings and will be treated as an acquisition of assets for tax purposes. Subject to regulatory approvals, the acquisition is expected to be completed in the third quarter of fiscal 2009, after which FTI's results will be reported as part of the Fastener Products segment.
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.
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