Warren Buffett led Berkshire Hathaway to buy Precision Castparts for $37.2 billion
The billionaire Warren E Buffett led Berkshire Hathaway has agreed to acquire the metal parts manufacturer Precision Castparts Corporation (PCC) for 37.2 billion US dollars.
This will be the one of the largest takeovers ever undertaken by the billionaire’s company, Berkshire Hathaway will pay over 235 US dollar per share for the PCC that represents 21 per cent premium on its closing share price.
After the acquisition PCC will work independently under same name under Berkshire conglomerate and will also retain its headquarters in Portland, Oregon, US.
About Precision Castparts (PCC)
- Precision Castparts Corporation (PCC) is one of largest manufacturer of variety of metal parts used in products like aircraft engines and gas turbines.
- It began its operations from 1953 and now is operational with 155 plants worldwide. It is the supplier of choice for the world’s aerospace industry which is major source for America’s exports.
- Starting from textile business way back from 1888 is now the fifth largest public company in the world that now has holdings in various sectors like railroads, retail, manufacturing and insurance.
- In 1964 the multi billionaire Warren E Buffett acquired the majority stakes in it and is current chairmen and CEO of the company that valued USD 354 billion.
Categories: Business & Economy Current Affairs 2017