Precision Castparts buys Chinese manufacturer
Precision Castparts Corp. has acquired a 49 percent equity interest in Yangzhou Chengde Steel Tube Co., Ltd.
Chengde is a manufacturer of seamless, extruded pipe for boiler applications in coal-fired power plants, as well as pipe and tubing for other energy-related applications, such as compressed natural gas. The company operates from one facility with a manufacturing footprint of nearly 6 million square feet, in the Jiangsu Province of China. Chengde has built a leading position in the Chinese boiler pipe market and has begun to make inroads into export 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 Corp. is a Portland, Oregon-based diversified manufacturer of metal components and products serving the aerospace, power generation, and general industrial markets.
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