Just days after announcing plans buy a Texas titanium company for almost $3 billion, Portland’s Precision Castparts has announced another acquisition.
Precision Castparts says it intends to buy California-based Synchronous Aerospace for an undisclosed sum. Synchronous makes flight controls, wing ribs and other key airplane parts. Precision has historically made parts for airplane engines, so their customers are companies like GE and Pratt and Whitney.
But D.A. Davidson financial analyst J.B. Groh says over the last few years Precision has been buying companies like Synchronous that make other aircraft parts. “They’ve got a lot of work to do because we’ve got a big aerospace backlog that ‘s got to be built-out over the next several years, and they’ve got good content on a lot of those planes.”
A Boeing or Airbus commercial jet can now contain as much as $8 million worth of machinery from Precision Castparts.
Synchronous employs about 690 workers at plants in California, Washington, Kansas and Oklahoma.