Precision Castparts Corp. (PCC) of Portland, Ore., agreed to acquire Carlton Forge Works (Carlton) and related entities for $850 million. Carlton, a manufacturer of seamless rolled rings for aerospace applications, offers nickel, titanium and steel rolled rings across a wide range of sizes. Founded in 1929, Carlton operates one facility in Paramount, Calif. As part of the transaction, PCC will also acquire Arcturus Manufacturing Corp., a hammer forging operation in Oxnard, Calif. Subject to regulatory approvals, the cash acquisitions are expected to be completed during the third quarter of fiscal 2010, after which their results will be reported as part of PCC’s Forged Products segment.

"Carlton is a critical strategic asset that we have aggressively pursued for several years," said Mark Donegan, PCC’s chairman and CEO. "Ring rolling has been a distinct gap in our product portfolio, and Carlton will enable us to provide a full range of products to our engine customers. Carlton has also been very successful in building its market positions on all major programs currently in development, including the Boeing 787 and Airbus XWB.”

PCC is a diversified manufacturer of complex metal components and products. It is a leader in manufacturing large, complex structural investment castings, airfoil castings and forged components used in jet aircraft engines and industrial gas turbines.