Precision Castparts acquires 49% stake in Yangzhou Chengde Steel
Steel pipe and tubing manufacturer, Precision Castparts (NYSE:PCP) has acquired a 49% stake Yangzhou Chengde Steel Tube (“Chengde”)., a Jiangsu Province, China based boiler pipe manufacturer.
Chengde operates from a six million square foot facility, and manufactures seamless, extruded pipe for boiler applications in coal-fired power plants and other energy related markets.
"Chengde's founder Zhang Huaide has built a very impressive manufacturing operation, and we are excited to partner with him going forward," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "The strategic fit of the two companies will provide a long runway for continued earnings growth in PCC's power generation business.
Precision Castparts said the logic behind the investment was to address its lack of manufacturing capacity for seamless boiler pipes.
Financial details of the transaction were not disclosed, but Precision Castparts did state that it was paying cash and expected the acquisition to be earnings accretive.
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