With global air travel up about 7 percent, according to the International Air Transport Association, airlines, including American Airlines Group Inc. (NASDAQ: AAL), are upgrading their fleets. Carriers are ordering new aircrafts, making companies that make parts attractive targets.

The most high-profile deal in the sector is the $37 billion purchase of Precision Castparts by Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK.A). In the months leading up to the deal, Precision was busy buying up rivals. First, Precision said it would buy Composites Horizons LLC, which makes high-temperature composites used in engines, from American Industrial Partners for undisclosed terms. Then, Precision said it would purchase Noranco Inc., which makes parts for engines and landing gear, from MidOcean Partners and PSP Investments, for $560 million.

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