Precision Castparts [PCP] yesterday said it has agreed to acquire Synchronous Aerospace Group as it continues to expand its aerostructures capabilities.
Terms of the deal, which is expected to close in December, were not disclosed.
Synchronous, which is based in California, manufactures mechanical assemblies, secondary flight controls, and various structural components such as wing ribs, bulkheads and track and beam assemblies and has core capabilities in gantry machining, hard metal machining, high-speed machining, and metal and composite bonding. Most of the company’s business is in commercial aerospace, including work on Boeing’s [BA], 787, 737 and 747-8 aircraft, with a small amount of military work.
“Synchronous is another tuck-in acquisition that will make a strong contribution as we continue to expand our aerostrucutures capabilities,” Mark Donegan, Precision Castparts’ chairman and CEO, said in a statement. “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.”
Precision Castparts said it is paying cash for Synchronous and that the deal will be immediately accretive to earnings. Synchronous has about 690 employees.
Lazard served as the financial advisor to Synchronous on the transaction. Synchronous is a portfolio company of the private equity firm Littlejohn & Co.