LOS ANGELES Precision Castparts Corp.s (PCCs) acquisition of Titanium Metals Corp. (Timet) was a key factor in its 15.3-percent increase in backlog in fiscal 2013, according to documents filed with the U.S. Securities and Exchange Commission.
Portland, Ore.-based PCCs backlog grew to $6.8 billion at the end of March from $5.9 billion a year earlier, the company said in the filing.
PCC purchased Dallas-based titanium producer Timet in December 2012 for $2.9 billion (amm.com, Nov. 9).
The backlog increase also reflected growth in the commercial aerospace and power markets, according to PCCs filing.
Fairfield, Conn.-based General Electric Co. (GE) was PCCs largest direct customer in fiscal 2013, accounting for $1.28 billionmore than 15 percentof PCCs $8.38 billion in total sales, up from $1.01 billion, or 14.8 percent, in fiscal 2012. GEs turbine engine facilities are generally viewed as primary markets for PCCs business.
Investment casting products made up the largest segment of PCCs sales to GE at $697.2 million, followed by forged products at $540.2 million and airframe products at $38.4 million.
While engine manufacturers Rolls Royce Ltd. and United Technologies Corp., along with aircraft builders Boeing Co. and Airbus SAS, also are considered "key customers," GE was the only direct customer that accounted for more than 10 percent of its business, PCC said.