PORTLAND, Ore. (AP) -- Precision Castparts Corp., which makes metal parts for the aerospace and power industries, said on Tuesday that it is buying a ring-making business from General Electric Co. to expand its product offerings.
The business, Tru-Form, makes flash-welded and cold-rolled rings for jet engines and gas turbines. Tru-Form has about 275 workers in Wilkes-Barre and Mountaintop, Pa., and Tyseley, England.
"Tru-Form, which supplies all major engine OEMs, has exposure to every major commercial aircraft in production today," said Mark Donegan, chairman and CEO of Precision Castparts, said in a statement. "We have pursued this transaction with GE for over a year and are excited to bring these operations into the PCC family."
Precision Castparts said it is paying cash for the company, but didn't disclose the sum. The deal is expected to be completed late in the first quarter of 2012 and immediately add to earnings.
Shares of Precision Castparts rose $4.93, or 3.3 percent, to close at $153.27.