Precision Castparts Corp. agrees to acquire Synchronous Aerospace Group, a leading build-to-print supplier of highly complex mechanical assemblies for commercial aerospace and defense markets.
Synchronous manufactures such mechanical assemblies as high-lift mechanisms and secondary flight controls, as well as structural components, including wing ribs, bulkheads, and track and beam assemblies. The company's core capabilities include gantry machining, hard-metal machining, high-speed machining, turning, sheet-metal forming, and metal and composite bonding.
"Synchronous is another tuck-in acquisition that will make a strong contribution as we continue to expand our aerostructures capabilities," says Mark Donegan, chairman and chief executive officer, Precision Castparts. "Their gantry capabilities will enable us to manufacture larger components and to machine as many as four to five parts simultaneously. In addition, we can pull in house the fasteners, forgings, and castings that Synchronous currently purchases on the outside. We will also gain synergies from the proximity of Synchronous locations to many of our existing operations. Overall, we are excited about Synchronous and its solid management team joining us as we further strengthen our Airframe Products segment."
The cash acquisition will be immediately accretive to earnings. Subject to regulatory approvals, the transaction is expected to be completed by the end of December, after which Synchronous's results will be reported as part of the Airframe Products segment.