Precision Castparts Corp.

Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. In 2009 it ranked 362nd on the Fortune 500 list, and 11th in the aerospace and defense industry. In 2015 it ranked 322nd overall and 9th in the aerospace and defense industry. In 2014 it ranked 133rd on the S&P 500 based on market capitalization. In January 2016, the company became a wholly owned subsidiary of Berkshire Hathaway. Before that event, it used to be one of the three Fortune 500 companies headquartered in Oregon. History Precision Castparts (PCC) was founded by Joseph Buford Cox on April 1, 1953. Cox was owner of Oregon Saw Chain and in 1949 had started a casting operation to make saw teeth with assistant general manager Ed Cooley also working on the project. In 1953 Cox separated the two companies and PCC was formed, moving into a new larger facility in 1955, and incorporating the following year with Ed Cooley as one of the owners. 2000s to present In 2002, Mark Donegan became President and CEO. SPS Technologies (formerly Standard Pressed Steel) was acquired in 2003. The company 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. 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.