Latest News, WV Press InSight Videos

Buffett firm buys parent of Huntington plant

Herald-Dispatch photo
Herald-Dispatch photo

HUNTINGTON — The juggernaut that is Berkshire Hathaway has officially made its way to Huntington.

The investment firm headed by Warren Buffett, the second-richest man in America, entered into an agreement to purchase Precision Castparts Corporation, manufacturer of complex metal components and products for the aerospace, power, and general industrial markets and parent company of Huntington-based Special Metals.

“I’ve admired PCC’s operation for a long time,” Buffet said in a press release. “For good reasons, it is the supplier of choice for the world’s aerospace industry, one of the largest sources of American exports. Berkshire’s board of directors is proud that PCC will be joining Berkshire.”

The deal is worth nearly $32 billion. Berkshire Hathaway will pay $235 in cash per share when the deal is officially completed during the first quarter of 2016.

“We are very pleased to be joining forces with Berkshire Hathaway,” Mark Donegan, PCC’s chairman and chief executive officer, said in a press release. “We see a unique alignment between Warren’s management and investment philosophy and how we manage PCC for the long term.”

None of the correspondence disseminated by Precision Castparts or public relations firm Abernathy MacGregor on behalf of Berkshire Hathaway mentioned Special Metals specifically.

Lyonel Morrison, director of human resources at Special Metals, was reached by telephone, but declined any official comment on the transaction.

“All I can say is this is a big one,” he said. “This is as big as it gets.”

And it actually is…

Comments are closed.

Subscribe to Our Newsletter