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Stock Market & Financial Investment News

News For TIE;PCP From The Last 14 Days
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July 27, 2015
17:06 EDTPCPMidOcean Partners to sell Noranco to Precision Castparts
MidOcean Partners announced that it has reached a definitive agreement to sell Noranco Inc. to Precision Castparts. Noranco is a leading supplier of complex machined components and assemblies for mission-critical landing gear, aerostructures, and aero engine applications to the aerospace industry. MidOcean acquired the company in April 2013 jointly with PSP Investments, and paired its operating resources in the aerospace sector with the Company's management team to drive revenue growth and complete two accretive acquisitions.
07:08 EDTPCPPrecision Castparts acquires Noranco for $560M
Precision Castparts has agreed to acquire Noranco from MidOcean Partners and PSP Investments for $560M. Noranco is a premier supplier of complex machined and fabricated components for aero-engine, landing gear and airframe applications. Noranco provides significant value to aerospace customers through a wide range of sophisticated capabilities including high precision machining and sheet metal fabrication, processing, assembly and testing. As a key supplier to the leading aerospace OEM and Tier 1 manufactures, Noranco has established a balanced customer base its largest customers are Honeywell, UTAS, Safran, Bombardier, and Spirit. The company has strong content positions on the next generation commercial platforms including 737, 787, 777, A350, and A320. Noranco employs 1,100 employees across 8 manufacturing sites in North America. The cash acquisition will be immediately accretive to earnings. Subject to regulatory approvals, the transaction is expected to be mpleted during Q3 of FY16, after which its results will be reported as part of the Airframe Products segment.
July 14, 2015
06:11 EDTPCPPrecision Castparts initiated with a Neutral at JPMorgan
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