From AFX News Limited

PORTLAND, OR -- Precision Castparts Corp., a maker of metals for the automotive, aerospace, power and other markets, said Friday it reached a deal to buy the assets of a privately held metal components producer.

Precision said the acquisition of Rockaway, NJ-based McWilliams Forge Co. Inc.'s plant would allow it to produce products between the sizes of those made at its facilities in Cleveland, OR, and Lincoln, England.

Terms of the deal, expected to close in the fourth quarter, were not disclosed. But the acquisition will be immediately accretive to earnings, according to a Precision release.

McWilliams, founded in 1880 as a blacksmith shop, makes titanium, nickel and steel forgings. Eighty-five percent of its revenue comes from the aerospace industry, according to the company's website. The New Jersey plant employs 120 people.

Shares of Precision slid 84 cents to $84.64 in midday trading on the New York Stock Exchange.

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