The boards of directors of Berkshire Hathaway Inc. and Precision Castparts Corp. (PCC) unanimously approved a definitive agreement for Berkshire Hathaway to acquire, for $235 per share in cash, all outstanding PCC shares. The transaction is valued at approximately $37.2 billion, including outstanding PCC net debt. The transaction requires approval by a majority of PCC’s outstanding shares. Closing is expected to occur during the first quarter of calendar 2016. PCC will continue to do business around the world under the Precision Castparts name and maintain its headquarters in Portland, Ore.

PCC is the world leader in structural investment castings, forged components and airfoil castings for aircraft engines and industrial gas turbines. PCC Forged Products, a division of PCC, includes Wyman-Gordon, Caledonian Alloys, Carlton Forge, Greenville Metals Inc., Special Metals, Dickson Services, PCC Energy Group, Timet and Incotest. Wyman-Gordon is a manufacturer of structural forgings for airframe, nuclear, petrochemical, power generation, and space applications.