ATLANTA Precision 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 disclosed.
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 said.
"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.