PORTLAND, Oregon, Jan. 12, 2005 (PRIMEZONE) -- Precision Castparts Corp. (NYSE:PCP) has sold Arnold Magnetic Technologies Corp., which has been in discontinued operations since the Company's acquisition of SPS Technologies in December 2003, to Audax Group.
Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $1 billion in equity and mezzanine debt capital. For more information, visit their website at http://www.audaxgroup.com.
Terms of the transaction were not disclosed.
"While the Magnetics business was not really a strategic fit for Precision Castparts going forward, Audax is well positioned to leverage the strengths of these operations," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "The proceeds from this transaction will enable us to pursue the strategic growth of SPS' critical fastener business and other opportunities."
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, 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.
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, automotive, 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.