Castparts Corp. (PCC) has agreed to acquire pipe processor
Texas Honing Inc., expanding its nickel alloy capabilities in
the energy industry.
Pearland, Texas-based Texas
Honing has three facilities in the Houston area. Details of the
cash acquisition, which is expected to be finalized in
PCCs fiscal third quarter ending Dec. 31, were not
PCC chairman Mark Donegan said
the acquisition furthers the companys push "to establish
a broader presence" in the oil and gas market.
As Portland, Ore.-based PCC
becomes a larger supplier of nickel alloy downhole casing to
the energy industry, the Texas Honing purchase will make its
manufacturing process faster and more efficient, Donegan
"In addition, we will be able to
supply finished pipe in future project bids, which will give us
the opportunity to gain further share in an end market where we
see significant growth going forward," he added.
Texas Honing will become part of
PCCs forged products segment.