Consolidated Precision Products Corp. to Acquire Selmet, Inc.
05 Jul, 2018, 13:30 BST
Addition of Selmet's titanium casting and machining capabilities creates industry-leading product suite
CLEVELAND, July 5, 2018 /PRNewswire/ -- Consolidated Precision Products Corp. ("CPP"), a leading manufacturer of highly-engineered components and sub-assemblies primarily for the commercial aerospace and defense markets, today announced it has reached a definitive agreement to acquire Selmet, Inc. Terms of the transaction were not disclosed.
Selmet is a leading manufacturer of complex, titanium castings and machined components for the aerospace and defense industries. Founded in 1983, Selmet operates a state-of-the-art investment casting foundry in Albany, Oregon and is a trusted partner to its blue-chip customer base.
With the acquisition of Selmet, CPP will expand its offering to include titanium castings. Paired with CPP's existing product set, the transaction will enable CPP to provide the most comprehensive casting capabilities in the industry. Selmet's current management team will remain upon closing of the transaction to help drive continued growth.
"We have long admired Selmet's world-class technical capabilities, longstanding customer relationships, strong management team and track record of growth," said James Stewart, Chief Executive Officer of CPP. "This highly complementary acquisition will round out our product offering to include titanium castings, enabling us to meet the strong demand from customers seeking advanced titanium content for next-generation platforms. We are pleased to welcome the talented Selmet team to the CPP family."
"We believe the combination of CPP and Selmet's products creates a highly attractive and comprehensive platform for CPP's customers in the aerospace and defense industries," said Dan Zamlong, Managing Director, Warburg Pincus. "We look forward to continuing to support CPP and its future growth."
About Consolidated Precision Products Corp. (CPP)
Consolidated Precision Products Corp. ("CPP"), headquartered in Cleveland, OH, is a leading manufacturer of highly-engineered castings and sub-assemblies primarily for the commercial aerospace and defense markets. Founded in 1991, CPP is one of the world's largest investment and precision sand casting companies, producing complex super alloy, aluminum, magnesium and steel castings for a variety of leading commercial and military aircraft, weapon systems, commercial and regional/business jets, helicopters and industrial gas turbines. CPP serves a wide range of global, blue chip customers with diverse exposure across multiple platforms. For more information about CPP, visit www.cppcorp.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $45 billion in private equity assets under management. The firm's active portfolio of more than 165 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. The firm has been an active investor in the aerospace and defense sectors with current and former investments including Accelya, CAMP Systems, Consolidated Precision Products, Extant Aerospace, Quest Global, TransDigm and Wencor Group.
Founded in 1966, Warburg Pincus has raised 17 private equity funds which have invested more than $68 billion in over 825 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com.
Contacts
Consolidated Precision Products Corp.
Richard A. Legenza
(216) 453-4830
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