Precision Castparts Corp., a manufacturer of complex metal components, announced Monday its acquisition of Cherry Aerospace LLC, from Acument Global Technologies, Inc., formerly Textron Fastening Systems, for $300 million.
The transaction is expected to be completed in the first quarter of 2007.
Cherry, a supplier of aerospace rivets and blind bolts, has about 500 employees at its facility in Santa Ana, Calif.
According to Mark Donegan, chairman and CEO of Precision Castparts, the acquisition will help the company to increase its presence in Southern California, "opening up potential synergies and economies of scale with our other fastener operations."
