PORTLAND, ORE. (AP) -- Metal-component maker Precision Castparts Corp. said Monday it agreed to acquire Hackney Ladish Inc., a producer of forged pipe fittings, in an effort to expand its reach in the oil and gas industry.
It said the cash acquisition of the closely held Dallas-based company will immediately add to earnings. The deal is expected to close in December. Hackney Ladish operates manufacturing facilities in Russellville, Ark., and Enid, Okla.
Last month, Precision Castparts, which serves industrial markets including aerospace and power generation, reported a 14 percent increase in third-quarter earnings and total revenue jumped. Revenue, however, at its forged-products segment fell 4 percent to $781.1 million due to lower alloy prices and other factors, it said.
In morning trading Monday, shares of Portland, Ore.-based Precision Castparts fell $1.24 to $53.80.