World Economy

Buffet Buys Aerospace for $37b

Buffet Buys Aerospace  for $37bBuffet Buys Aerospace  for $37b

Warren Buffett’s Berkshire Hathaway has agreed to acquire aerospace equipment maker Precision Castparts Corp. The deal, valued at $37.2 billion, is Berkshire’s largest ever, RT reported. “I’ve admired PCC’s operation for a long time. For good reasons, it is the supplier of choice for the world’s aerospace industry, one of the largest sources of American exports. Berkshire’s Board of Directors is proud that PCC will be joining Berkshire,” said Warren E. Buffett, Berkshire Hathaway chairman and CEO, according to the company’s press release issued on Monday. Precision Castparts’ shareholders will get $235 per share in cash, according to the statement. Berkshire is already one of the PCC’s largest shareholders, with a 3% stake. “We are very pleased to be joining forces with Berkshire Hathaway,” Mark Donegan, PCC’s chairman and chief executive officer said. “We see a unique alignment between Warren’s management and investment philosophy and how we manage PCC for the long-term.”