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Stock Market & Financial Investment News

News Breaks
October 7, 2012
20:18 EDTPCPPrecision Castparts acquires Texas Honing
Precision Castparts has agreed to acquire Texas Honing, THI. THI provides precision, tight tolerance pipe processing services, including honing, boring, straightening, and turning. The company's products are used in oil & gas drilling, completion, and production applications, as well as other commercial markets. The company operates three facilities in the Houston, Texas, area and employs more than 200 people.
News For PCP From The Last 14 Days
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August 31, 2015
07:37 EDTPCPBoeing uses contract power to control supplier consolidation, Reuters says
Boeing (BA) is using its clout as the world's largest plane market to stand in the way of control supplier consolidation, despite Berkshire Hathaway's (BRK.A) $37B deal for Precision Castparts (PCP), Reuters says. Private equity and strategic buyers have been crawling into the sector, with foreign companies recently eyeing deals, the report says. Boeing, on the other hand, may act like an unofficial regulator on such mergers and acquisitions due to an "assignability clause" included in many of its contracts with suppliers, which allows the company to refuse to transfer contracts to new owners, giving it a de facto veto over such deals, the report says. Reference Link
August 19, 2015
09:50 EDTPCPPrecision Castparts downgraded to Neutral from Buy at Citi
Citi last night downgraded Precision Castparts (PCP) to Neutral saying it does not see another potential buyer emerging to compete with Berkshire Hathaway (BRK.A). Berkshire's offer is likely a "good enough" outcome for Precision Castparts, CIti stated. It lowered its price target for shares to $235 from $246.

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