Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Precision Castparts Corp., the maker of equipment for the aerospace and energy industries, in a deal valued at $37.2 billion.
As demand for new planes has been accelerating, Precision Castparts has been snatching 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 fabricated parts for engines and landing gear, from MidOcean Partners and PSP Investments, for $560 million. For more, see Precision Castparts Picks Up Airplane Parts Maker Noranco from MidOcean Partners and PSP.