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Stock Market & Financial Investment News

News Breaks
November 26, 2012
12:02 EDTPCPPrecision Castparts to acquire Synchronous Aerospace from Littlejohn & Co
Littlejohn & Co has signed a definitive agreement to sell its portfolio company, Synchronous Aerospace Group, to Precision Castparts Corp. Lazard acted as the exclusive financial advisor to Synchronous. Morrison Cohen LLP acted as legal counsel to Synchronous. The transaction is expected to close by year-end 2012.
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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

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