{"id":5669,"date":"2015-08-11T17:02:22","date_gmt":"2015-08-11T16:02:22","guid":{"rendered":"http:\/\/english.thesunrisetoday.com\/?p=5669"},"modified":"2015-08-11T17:02:22","modified_gmt":"2015-08-11T16:02:22","slug":"buffett-to-buy-precision-castparts-for-37bn","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/buffett-to-buy-precision-castparts-for-37bn\/","title":{"rendered":"Buffett to buy Precision Castparts for $37bn"},"content":{"rendered":"

\"Warren<\/a>US investment guru Warren Buffett\u2019s Berkshire Hathaway said it would buy Precision Castparts, a leading supplier to the global aerospace industry, for $37.2 billion.
\nBerkshire Hathaway will pay $235 per share in cash for all PCC\u2019s outstanding shares, making it a wholly owned subsidiary. Precision Castparts will keep its name and its headquarters in Portland, Oregon.
\nThe transaction is valued at about $37.2 billion, including PCC net debt, the companies said in a joint statement.
\nThe agreed acquisition, one of Berkshire\u2019s largest takeovers, is expected to be completed in the first quarter of 2016. The deal is subject to approval by PCC holders of the outstanding shares and by regulators. Berkshire Hathaway already owns about 3.0 percent of its stock.
\n\u201cI\u2019ve admired PCC\u2019s operation for a long time. For good reasons, it is the supplier of choice for the world\u2019s aerospace industry, one of the largest sources of American exports,\u201d Buffett, Berkshire\u2019s chairman and CEO, said in a statement.
\nThe sprawling Berkshire Hathaway conglomerate, based in Omaha, Nebraska, includes electric utilities, insurer Geico, a railroad, newspapers, industrial manufacturers and ice cream chain Dairy Queen.
\nPrecision Castparts manufactures complex metal components and products for the aerospace industry and also produces products for chemical processing and the oil and gas industry.
\nPCC had revenue of more than $10 billion in 2014.<\/p>\n

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