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Berkshire Hathaway Inc. To Acquire Precision Castparts Corp. For USD 37.2 Billion In Cash 2015.08.16

Omaha, Nebraska and Portland, Oregon, USA - August 10, 2015 - The boards of directors of Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) and Precision Castparts Corp. ("PCC") (NYSE: PCP) have unanimously approved a definitive agreement for Berkshire Hathaway to acquire, for USD235 per share in cash, all outstanding PCC shares. The transaction is valued at approximately USD37.2 billion, including outstanding PCC net debt. Precision Castparts is the world leader in structural investment castings, forged components, and airfoil castings for aircraft engines and industrial gas turbines. Airbus, Boeing, GE, Rolls-Royce, and many other leading manufacturers depend on us for critical airframe, engine, power generation, medical, and general industrial components. With few exceptions, every aircraft in the sky flies with parts made by PCC. PCC will continue to do business around the world under the Precision Castparts name and maintain its headquarters in Portland, Oregon. Credit Suisse acted as financial advisor to PCC and PCC's legal counsel is Cravath, Swaine & Moore LLP and Stoel Rives LLP. Berkshire Hathaway's legal counsel is Munger, Tolles & Olson LLP.

Precision Castparts is the world leader in structural investment castings, forged components, and airfoil castings for aircraft engines and industrial gas turbines.
Airbus, Boeing, GE, Rolls-Royce, and many other leading manufacturers depend on us for critical airframe, engine, power generation, medical, and general industrial components.
Photo courtesy of Precision Castparts Corp.
 

Omaha, Nebraska and Portland, Oregon, USA – August 10, 2015

PCC will remain headquartered in Portland, Oregon, USA as a wholly owned subsidiary of Berkshire Hathaway

The boards of directors of Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) and Precision Castparts Corp. (“PCC”) (NYSE: PCP) have 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.

Warren E. Buffett, Berkshire Hathaway chairman and chief executive officer. 
Photo courtesy of Berkshire Hathaway
 
“I’ve admired PCC’s operation for a long time. 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,”
said Warren E. Buffett, Berkshire Hathaway chairman and chief executive officer.

Mark Donegan, PCC’s chairman and chief executive officer.
Photo courtesy of Precision Castparts Corp.
 
“We are very pleased to be joining forces with Berkshire Hathaway,”
said Mark Donegan, PCC’s chairman and chief executive officer.
“We see a unique alignment between Warren’s management and investment philosophy and how we manage PCC for the long-term. We believe that as part of Berkshire Hathaway, PCC will be exceptionally well-positioned to support our customers’ needs into the future. This transaction offers compelling and immediate value for our shareholders, and allows PCC’s employees to continue to operate in the same manner that has generated many years of exceptional service and performance to our customers.”

Precision Castparts is the world leader in structural investment castings, forged components, and airfoil castings for aircraft engines and industrial gas turbines.
Airbus, Boeing, GE, Rolls-Royce, and many other leading manufacturers depend on us for critical airframe, engine, power generation, medical, and general industrial components.
Photo courtesy of Precision Castparts Corp.
 
The transaction requires approval by a majority of PCC’s outstanding shares.

Closing is expected to occur during the first quarter of calendar 2016, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act and competition clearance in certain foreign jurisdictions.

Photo courtesy of Precision Castparts Corp.
 
PCC will continue to do business around the world under the Precision Castparts name and maintain its headquarters in Portland, Oregon.

Photo courtesy of Precision Castparts Corp.
 
In light of this announcement, the three nominees who would have joined PCC’s Board of Directors if elected at PCC’s upcoming Annual Meeting of Shareholders, Peter B. Delaney, James F. Palmer and Janet C. Wolfenbarger, have withdrawn their candidacy.

Photo courtesy of Precision Castparts Corp.
 
None of Mr. Delaney, Mr. Palmer or Ms. Wolfenbarger currently serves on PCC’s Board of Directors and PCC does not intend to nominate replacement directors for election at the Annual Meeting in their place.

Photo courtesy of Precision Castparts Corp.
 
Other than Mr. Delaney, Mr. Palmer and Ms. Wolfenbarger, the nominees named in the Proxy Statement sent or made available to PCC shareholders, all of whom currently serve on PCC’s Board of Directors, intend to stand for election at the Annual Meeting.

Photo courtesy of Precision Castparts Corp.
 
PCC intends to convene its Annual Meeting on August 11, 2015 as currently scheduled and, without conducting any business, adjourn the Annual Meeting to August 17, 2015 at 10:00 a.m., Pacific Time, in the Bella Vista Room of the Aquariva Restaurant, 0470 SW Hamilton Court, Portland, Oregon.

Photo courtesy of Precision Castparts Corp.
 
Credit Suisse acted as financial advisor to PCC and PCC’s legal counsel is Cravath, Swaine & Moore LLP and Stoel Rives LLP.

Berkshire Hathaway’s legal counsel is Munger, Tolles & Olson LLP.


About Berkshire Hathaway

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services.

 
 
Berkshire Hathaway’s common stock is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.


http://www.berkshirehathaway.com  


About Precision Castparts Corp.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets.

 
 
PCC is a market leader in manufacturing complex structural investment castings and forged components for aerospace markets, machined airframe components, and highly engineered, critical fasteners for aerospace applications, and in manufacturing airfoil castings for the aerospace and industrial gas turbine markets.

PCC also is a leading producer of titanium and nickel superalloy melted and mill products for the aerospace, chemical processing, oil and gas, and pollution control industries, and manufactures extruded seamless pipe, fittings, and forgings for power generation and oil and gas applications.

http://www.precast.com  

Investors and security holders will be able to obtain free copies of the Proxy Statement (when available) and other documents filed with the SEC by Precision Castparts Corp. through the web site maintained by the SEC
at http://www.sec.gov  
or by phone, email or written request by contacting Precision Castparts Corp. at the following:

Precision Castparts Corp.
Attention: Investor Relations
4650 SW Macadam Ave
Portland OR 97239
503-946-4700
Investor_relations@precastcorp.com  


Warren E. Buffett, Berkshire Hathaway chairman and chief executive officer. 
Photo courtesy of Berkshire Hathaway
 

Contact Information

Berkshire Hathaway Inc.
Marc D. Hamburg
Chief Financial Officer and Senior Vice President
(402) 346-1400

Precision Castparts Corp. – Investors
Jay Khetani
Vice President, Investor Relations
(503) 946-4700

Precision Castparts Corp. – Media
Ian Campbell or Joe Hixson
Abernathy MacGregor
idc@abmac.com  or jrh@abmac.com  
(213) 630-6550


Sources:

Precision Castparts Corp.

http://www.precast.com/investors/press_releases/  

Berkshire Hathaway

http://www.berkshirehathaway.com/news/  



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