PORTLAND, Ore., May 24, 2004 (PRIMEZONE) -- SPS Aerospace Fasteners operation in Leicester, England, a subsidiary of Precision Castparts Corp. (NYSE:PCP), has signed a four-year contract with Airbus, worth approximately 60 million euros ($72 million dollars), to supply titanium pins, collars, nuts, and studs to Airbus facilities across Europe.
This new contract increases SPS sales to Airbus by 20 percent and further cements the company's position as one of the leading suppliers of high volume titanium fasteners to Airbus.
"SPS has enjoyed great success with Airbus over many years, and we are committed to continuing that relationship for many more years," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "SPS brings excellent technical capability and logistical expertise to the table, and, with an ever-improving cost structure, we are confident that they will become a strategic supplier not only with Airbus, but with their entire customer base."
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, fluid management, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.
Safe Harbor
Information included within this press release describing the projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, fluid management, pulp and paper, and other general industrial cycles; the relative success of the Company's entry into new markets; competitive pricing; the financial viability of the Company's significant customers; the availability and cost of energy, materials, supplies, insurance, and pension benefits; equipment failures; relations with the Company's employees; the Company's ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.
Precision Castparts Corp.'s press releases are available on the Internet at the PrimeZone Media Network's website: (http://www.PrimeZone.com) or PCC's home page at: (http://www.precast.com).