Helicomb parent bought by Precision Castparts Corp.
BY Staff and Wire Reports
Tuesday, November 27, 2012
11/27/12 at 4:22 AM
Portland, Ore.-based manufacturer Precision Castparts Corp. said Monday it will buy Synchronous Aerospace Group, the owner of Tulsa-based Helicomb International Inc. The price was not disclosed.
Helicomb, 1402 S. 69th East Ave., employs about 100 people who manufacture or repair components for the petroleum and military helicopter and aircraft industries.
Synchronous, based in Santa Ana, Calif., bought Helicomb in 2008. The Tulsa company was founded in 1981.
Precision Castparts said it was paying an undisclosed amount in the cash deal. It said the deal should close by the end of December and would add immediately to earnings.
Synchronous makes flight controls, wing ribs, bulkheads and other airplane parts. It employs about 700 people overall at locations in Santa Ana; Kent, Wash.; Wichita, Kan.; and Tulsa. It is a portfolio company of the private investment firm Littlejohn & Co. of Greenwich, Conn.
Precision Castparts CEO Mark Donegan said in a press release that the deal was "another tuck-in acquisition that will make a strong contribution as we continue to expand our aerostructures capabilities."
He also said Precision Castparts will be able to handle some functions that Synchronous had previously had to buy from other companies, such as fasteners, and metal forging and casting work.
A call to Precision Castparts about any possible impact on the acquired facilities was not returned at press time.
Sterne Agee analysts Peter Arment and Josh W. Sullivan told The Associated Press that the transaction is the fifth recent deal, and the fourth time this year, in which Precision Castparts has acquired an aerospace supplier. Previous deals included McSwain, Centra, Klune and Primus.
Precision Castparts is a worldwide, diversified manufacturer of complex metal components and products.
The company serves the aerospace, power and general industrial markets.
Original Print Headline: Parent of Helicomb is being acquired