Berkshire Hathaway Inc. recently announced a $9.8 billion write-down for its Precision Castparts Corp. (PCC) unit. PCC’s aircraft components business has been ruined by the COVID-19 pandemic, forcing the company to reduce its workforce by 10,000 this year. PCC reported a $78 million pre-tax loss in the second quarter of this year, compared with earnings of $481 million in 2019. Berkshire Hathaway bought PCC in 2016.
PCC manufactures complex structural investment castings and forged components for aerospace markets. The Portland, Ore.-based company has three divisions: Forged Products, Investment Cast Products and Airframe Products.
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