History
Precision Castparts (PCC) was founded by Joseph Buford Cox on April 1, 1953.History.1960s and 1970s
Beginning in the 1960s, the company began to secure contracts to provide parts for jet engines. In 1967 they were awarded a contract by General Electric to provide parts for their TF39 engine and another contract with Pratt & Whitney. The following year the company was taken public and began work with Boeing. In 1968 Precision Castparts became a public company with the offering 120,000 shares of common stock to 1,100 new shareholders. By the 1970s PCC was also casting parts for body part replacements such as hips and knees.1980s and 1990s
In the early 1980s, PCC expanded their facilities with several additions. In 1985 the company acquired a titanium foundry in Europe and built a new plant the next year in France. Over the next few years PCC acquired other companies such as Airfoils, and AETC Limited of United Kingdom, Britain. In 1989, PCC was listed on the New York Stock Exchange, trading as PCP. In 1991, Bill McCormick became CEO. Acquisitions continued in the 1990s with Advanced Forming Technology, ACC Electronics, Quamco, Astro Punch, and Olofsson Corporation. In 1997 PCC bought J&L Fiber Services, Pittler Maschinenfabrik GmbH, and Schlosser Casting Company. Over the next ten years the company continued to grow through acquiring other companies around the world in places such as Romania, Scotland, Switzerland, and Australia as well as companies within the United States including SPS Technologies. One of the company's largest purchases was the $990 million acquisition of Wyman-Gordon Company in 1999. They have also built or joined with partners to build plants in many countries around the world, including India, the Czech Republic, Hungary, China, and Malaysia.2000s to present
In 2002, Mark Donegan became President and CEO. Precision received tax breaks from local governments in the Portland metro area in 2006 in exchange for a plant expansion. In 2007, the company purchased Cherry Aerospace to expand their fastener business. After ranking as the 568th largest U.S. company by ''Fortune'' in 2007, the company became a Fortune 500 the next year when it ranked 444, and rose to 362 in 2009. It ranked 322 prior to its sale to Berkshire in 2016. PCC announced the purchase of Carlton Forge Works in October 2009 for $850 million and Primus International Inc. in July 2011 in a $900 million deal. Primus made parts for airplanes, selling their products to both Airbus and Boeing. In May 2012 PCC acquired Centra Industries Inc. a builder of aircraft parts for Boeing, Lockheed Martin, Northrop Grumman, Spirit AeroSystems, Mitsubishi Heavy Industries and Bombardier Inc., Bombardier. They have two plants based in Cambridge, Ontario, Canada. Texas Honing was purchased by PCC in October 2012, followed by the $2.9 billion acquisition of Titanium Metals in November 2012. On August 10, 2015, the boards of directors of Berkshire Hathaway Inc. and Precision Castparts Corp. unanimously approved a definitive agreement for Berkshire Hathaway to acquire, for $235 per share in cash, all outstanding PCC shares, for a total sum of $37 billion including assumed debt. The sale was finalized on January 29, 2016, on which date Berkshire Hathaway took ownership of Precision Castparts. In 2021, Berkshire Hathaway took an almost $11 billion writedown on the investment.Environment
In May 2011, toxic chemicals such as nitrogen dioxide and hydrochloric acid were unexpectedly released at the company's titanium plant on Johnson Creek Blvd, Portland, Oregon. Although four people were hospitalized, nobody was permanently injured from the fumes. Firefighters had difficulty shutting down the plant. The Toxic 100 Air polluters index from the University of Massachusetts listed Precision Castparts as the number one air polluter in the U.S. in the August 2013 edition, which the company called a flawed study.Financials
*In millions of US dollars.Annual Report: 2006.Products
The company manufactures a variety of parts for the aerospace industry including many jet engine components. PCC also makes medical prostheses and parts for other industrial applications such as in the oil industry, in the gas industry, and for use in power generating turbines for producing electricity. They are considered a leader in the manufacturing of both jet engine airfoils and gas turbines used for generating electricity. The company generates $1.5 million in revenue for each Boeing 787 Dreamliner built.Read, Richard. "Boeing's newest bird takes a giant leap forward". ''The Oregonian'', March 18, 2007. Other products made from the various metals are fasteners, products for the paper industry, parts used in the defense industry, and parts for the automotive industry. PCC's main markets are the United States, Europe, and Asia.Investment cast
The investment casting segment of Precision Castparts includes PCC Structurals and PCC Airfoils. It manufactures castings for aircraft engines, industrial gas turbine engines, airframes, medical implants, armament, unmanned aerial vehicles, and other industrial applications. They are the market leader in manufacturing large, complex, structural investment castings and the leading manufacturer of airfoil investment castings used in jet engines. The structural casting business manufactures the largest-diameter, nickel-based super-alloy, titanium and stainless steel investment castings in the world.Forged
The Forged Products segment includes Wyman-Gordon, PCC Energy Group, Titanium Metals Corporation(Timet), and Special Metals Corporation and serves the aerospace and power generation markets. They produce engine components as well as airframe structural components for both military and commercial aircraft. They also produce mechanical and structural tubular products for use in energy markets.Airframe
The Airframe Products segment includes PCC Fasteners and PCC Aerostructures. It is the leading developer and manufacturer of highly engineered fasteners, fastener systems, aerostructures and precision components primary used in critical aerospace applications. In addition to the aerospace and gas turbine markets, this segment serves the construction, automotive, heavy truck and general industrial markets.See also
* List of companies based in OregonReferences
{{Authority control 1953 establishments in Oregon 2016 mergers and acquisitions Aerospace companies of the United States American corporate subsidiaries Berkshire Hathaway Companies based in Portland, Oregon Companies formerly listed on the New York Stock Exchange Defense companies of the United States Manufacturing companies established in 1953 Manufacturing companies based in Oregon