Metal parts manufacturer Precision Castparts Corp. (NYSE: PCP), acquired aersospace parts maker Noranco Inc. from MidOcean Partners and PSP Investments in a deal valued at $560 million in cash.
Toronto-based Noranco makes fabricated metal parts for engines, landing gear and other airplane parts.
New York-based MidOcean and PSP acquired the target in April 2013 for undisclosed terms.
Precision Castparts CEO Mark Donegan says the company’s latest acquisition will give it additional growth opportunities in the aerospace manufacturing sector.
“Noranco’s aerostructures business strengthens our existing market position in airframe products and their engine, landing gear and machining capability will expand our product offering on current and next generation aircraft,” says Donegan.
Noranco is the second acquisition that Portland, Ore.-based Precision has made in the aerospace sector in July. On July 13, the buyer announced that it purchased Composites Horizons LLC from American Industrial Partners for undisclosed terms. Composites Horizons makes high temperature composites that are used in aerospace engines.