The deal, which is subject to regulatory approvals, is expected to close in the second quarter of fiscal 2012.
"The acquisition of Primus clearly demonstrates our focused pursuit of component manufacturing businesses that align with our core competencies. Primus has assembled a group of world-class manufacturing assets, both through acquisition and greenfield construction," Precision Chairman and CEO Mark Donegan said in a statement.
Oak Hill Capital acquired Bellevue, Washington-based Primus International in June 2006. Primus is a leading Tier II supplier of highly engineered metallic and composite parts, kits, and assemblies to the global aerospace industry. Primus' customers include Boeing Co. and Airbus.
"Since our acquisition of Primus in 2006, we have worked closely with Jim Hoover, CEO of Primus, and the entire management team to grow the company into a premier aerospace supplier. By investing in new capabilities, technologies and a unique global manufacturing operation, we have successfully built Primus into a strategic supplier for the world's best aerospace companies," says Michael Warren, a Principal of Oak Hill Capital.
The acquisition of Primus will help Precision move deeper into metallic and composite airframe applications, and to grow aggressively in aerostructures. This follows its acquisitions last month to strengthen its forging operations.
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