17 Mars 2008
Acquisition Extends Manufacturing Base into Europe and Enhances Overall Product Offerings
POMONA, California and LOURDES, France — Consolidated Precision Products (CPP) and the Microcast Group announced today that the companies have signed a definitive agreement under which CPP will acquire the privately held Microcast Group and its two manufacturing operations in France.
With its Lourdes-based Microcast and Chateauroux-based Aerocast facilities, the acquisition of the Microcast Group represents a strategic addition to CPP’s existing business, providing the North American based company with an established and recognized European manufacturing base. CPP will also acquire Microcast’s specialized and patented investment casting production processes that have allowed the French company carve out a manufacturing niche in the European aerospace market. “The acquisition of the Microcast Group is an exciting milestone for our company,” stated CPP President and CEO Steve Clodfelter. “Together, CPP and Microcast enjoy financial strength, a more complete product offering, an impressive list of blue chip customers and global reach. We look forward to welcoming the Microcast workforce into the CPP organization and working together to significantly expand our customer base and opportunities for growth.”
The integrated Microcast facilities will be renamed CPP-Lourdes (formerly Microcast) and CPP-Chateauroux (formerly Aerocast). Philippe Tedesco, current Managing Director of the Microcast Group, will continue to oversee operations for the European facilities.
As exclusive M&A advisors to CPP, Canec International initiated the transaction and managed and facilitated the entire buy-side process.
About The Microcast Group
Established in 1982, The Microcast Group is a leading European manufacturer of precision components, specializing in aluminum and magnesium investment castings primarily for the aerospace and defense industries. Operating out of two French manufacturing facilities located in Lourdes (Microcast facility) and Chateauroux (Aerocast facility), the company employs specialized patented production processes and supplies products to many of the top European aerospace and defense manufacturers. For more information visit www.microcast-sa.com .
About Consolidated Precison Products
With seven production facilities across North America, Consolidated Precision Products (CPP) offers a comprehensive range of manufacturing solutions for the aerospace and defense industries that include precision sand casting, permanent mold casting, investment casting, shell and core production, rapid prototype and a full range of ancillary processes. CPP’s customer base includes some of the most prestigious companies in the aerospace and defense industries including Airbus, Bell Helicopter, The Boeing Company, Bombardier, Cessna, General Electric Company, Lockheed Martin, Parker-Hannifin Corporation and afran. Since its inception in 1991, CPP’s growth and development has been rapid yet disciplined, fueled by strategic acquisitions aimed at developing its technology portfolio and expanding its component product range in size and alloys offered. For more information visit www.cppcorp.com .
About Canec International Ltd.
The firm was established in 1989 to meet the needs of a growing number of European and North American companies wanting to expand overseas. Today Canec provides transatlantic buy and sell-side services to companies wanting to invest in or divest targets with enterprise values between $10 Million and $100 Million. For more information visit www.canec.com.