subsidiary of berkshire hathaway industry aerospace and defense founded april 1 1953 portland oregon headquarters portland oregon united states 45 29 21 n 122 40 22 w 45.489144 n 122.672905 w 45.489144 ; 122.672905 coordinates 45 29 21 n 122 40 22 w 45.489144 n 122.672905 w 45.489144 ; 122.672905 key people mark donegan chairman and ceo products investment castings forged products fasteners revenue 9.6 billion fy 2014 1 operating income 2.6 billion fy 2014 1 net income 1.7 billion fy 2014 1 total assets 18.5 billion fy 2014 1 total equity 11.4 billion fy 2014 1 number of employees 30 100 march 2015 2 parent berkshire hathaway since 2016 2 divisions pcc airfoils pcc structurals pcc energy group pcc fasteners pcc aerostructures subsidiaries wyman gordon special metals corporation titanium metals corporation texas honing inc. website precast.com precision castparts corp. is an american industrial goods and metal fabrication company that manufactures investment castings forged components and airfoil castings for use in the aerospace industrial gas turbine and defense industries . in 2009 it ranked 362nd on the fortune 500 list and 11th in the aerospace and defense industry . 3 in 2015 it ranked 322nd overall and 9th in the aerospace and defense industry . 4 in 2014 it ranked 133rd on the s & p 500 based on market capitalization . 5 in january 2016 the company became a subsidiary of berkshire hathaway . 2 before that event it used to be one of the three fortune 500 companies headquartered in oregon . contents 1 history 1.1 1960s and 1970s 1.2 1980s and 1990s 1.3 2000s to present 2 environment 3 financials 4 products 4.1 investment cast 4.2 forged 4.3 airframe 5 see also 6 references history edit precision castparts pcc was founded by joseph buford cox on april 1 1953 . 6 cox was owner of oregon saw chain and in 1949 had started a casting operation with assistant general manager ed cooley also working on the project . in 1953 cox separated the two companies and pcc was formed moving into a new larger facility in 1955 and incorporating the following year with ed cooley as one of the owners . 6 1960s and 1970s edit beginning in the 1960s the company began to secure contracts to provide parts for jet engines . in 1967 they were awarded a contract by general electric to provide parts for their tf39 engine and another contract with pratt & whitney . 6 the following year the company was taken public and began work with boeing . 6 in 1968 precision castparts became a public company with the offering 120 000 shares of common stock to 1 100 new shareholders . 7 by the 1970s pcc was also casting parts for body part replacements such as hips and knees . 1980s and 1990s edit in the early 1980s pcc expanded their facilities with several additions . in 1985 the company acquired a titanium foundry in europe and built a new plant the next year in france . 6 over the next few years pcc acquired other companies such as airfoils and aetc limited of britain . 6 in 1989 pcc was listed on the new york stock exchange trading as pcp . 6 in 1991 bill mccormick became ceo . acquisitions continued in the 1990s with advanced forming technology acc electronics quamco astro punch and olofsson corporation . 6 in 1997 pcc bought j & l fiber services pittler maschinenfabrik gmbh and schlosser casting company . over the next ten years the company continued to grow through acquiring other companies around the world in places such as romania scotland switzerland and australia as well as companies within the united states including sps technologies . 6 8 one of the company s largest purchases was the 990 million acquisition of wyman gordon company in 1999 . 9 they have also built or joined with partners to build plants in many countries around the world including india the czech republic hungary china and malaysia . 6 2000s to present edit in 2002 mark donegan became president and ceo . precision received tax breaks from local governments in the portland metro area in 2006 in exchange for a plant expansion . 10 in 2007 the company purchased cherry aerospace to expand their fastener business . 11 after ranking as the 568th largest u.s. company by fortune in 2007 12 the company became a fortune 500 the next year when it ranked 444 and rose to 362 in 2009 . 3 it is now ranked at 322 . pcc announced the purchase of carlton forge works in october 2009 for 850 million and primus international inc. in july 2011 in a 900 million deal . 9 primus made parts for airplanes selling their products to both airbus and boeing . 9 in may 2012 pcc acquired centra industries inc. a builder of aircraft parts for boeing lockheed martin northrop grumman spirit aerosystems mitsubishi heavy industries and bombardier . they have two plants based in cambridge ontario canada . 13 texas honing was purchased by pcc in october 2012 14 followed by the 2.9 billion acquisition of titanium metals in november 2012 . 15 on august 10 2015 the boards of directors of berkshire hathaway inc. and precision castparts corp. unanimously approved a definitive agreement for berkshire hathaway to acquire for 235 per share in cash all outstanding pcc shares for a total sum of 37 billion . 16 the sale was finalized on january 29 2016 on which date berkshire hathaway took ownership of precision castparts . 2 environment edit in may 2011 toxic chemicals such as nitrogen dioxide and hydrochloric acid were unexpectedly released at the company s titanium plant on johnson creek blvd. 17 although four people were hospitalized nobody was permanently injured from the fumes . firefighters had difficulty shutting down the plant . 18 the toxic 100 air polluters index from the university of massachusetts lists precision castparts as the number one air polluter in the u.s. in the august 2013 edition 19 which the company called a flawed study . 20 financials edit year revenue net profit 2004 1 913 117 2005 2 919 1.7 2006 3 546 350 2007 5 361 633 2008 6 852 987 2009 6 801 1 044 2010 5 486 922 2011 6 209 1 015 2012 7 202 1 226 2013 8 361 1 430 2014 9 616 1 784 in millions of us dollars . 21 22 listed on the new york stock exchange as pcp the company was part of the s & p 400 . in 2007 precision was moved to the s & p 500 stock index . 23 24 as seen in the table above pcp s revenue increased by 52 percent in 2007 to 5.4 billion from 3.5 billion in 2006 . total debt increased by 29 percent from 677 million in 2006 to 873 million in 2007 . the increases in revenue and debt were due in part to a pair of acquisitions in february 2007 gsc foundries inc. gsc formerly a competitor to pcp in producing aluminum and steel structural investment castings and cherry aerospace llc cherry a manufacturer of aerospace blind rivets and blind bolts . 25 products edit the company manufactures a variety of parts for the aerospace industry including many jet engine components . 24 pcc also makes medical prostheses and parts for other industrial applications such as in the oil industry in the gas industry and for use in power generating turbines for producing electricity . 24 they are considered a leader in the manufacturing of both jet engine airfoils and gas turbines used for generating electricity . 26 the company generates 1.5 million in revenue for each boeing 787 dreamliner built . 27 other products made from the various metals are fasteners products for the paper industry parts used in the defense industry and parts for the automotive industry . 24 pcc s main markets are the united states europe and asia . 24 investment cast edit this section does not cite any sources . please help improve this section by adding citations to reliable sources . unsourced material may be challenged and removed . april 2016 learn how and when to remove this template message the investment casting segment of precision castparts includes pcc structurals and pcc airfoils . it manufactures castings for aircraft engines industrial gas turbine engines airframes medical implants armament unmanned aerial vehicles and other industrial applications . they are the market leader in manufacturing large complex structural investment castings and the leading manufacturer of airfoil investment castings used in jet engines . the structural casting business manufactures the largest diameter nickel based super alloy titanium and stainless steel investment castings in the world . forged edit the forged products segment includes wyman gordon pcc energy group titanium metals corporation timet and special metals corporation and serves the aerospace and power generation markets . they produce engine components as well as airframe structural components for both military and commercial aircraft . they also produce mechanical and structural tubular products for use in energy markets . 28 airframe edit the airframe products segment includes pcc fasteners and pcc aerostructures . it is the leading developer and manufacturer of highly engineered fasteners fastener systems aerostructures and precision components primary used in critical aerospace applications . in addition to the aerospace and gas turbine markets this segment serves the construction automotive heavy truck and general industrial markets . 28 see also edit list of companies based in oregon references edit a b c d e precision castparts 2012 annual report form 10 k filing date may 31 2012 pdf . secdatabase.com . retrieved june 8 2012 . a b c d rogoway mike january 30 2016 first published online january 29 . precision castparts 37b sale finalized . the oregonian . p. c8 . retrieved 2016 02 02 . a b precision castparts . fortune 500 2009 . cnnmoney.com . retrieved on april 20 2009 . brett krasnove june 3 2015 . fortune 500 . fortune . retrieved april 16 2016 . dividend channel september 8 2014 . precision castparts takes over 133 spot from kraft foods group . forbes . a b c d e f g h i j history . precision castparts . retrieved on february 28 2008 . welcome to precision castparts corp. . precision castparts corp. giegerich andy . ftc orders precision to sell albany metals plant . portland business journal november 19 1999 . a b c read richard july 10 2011 . portland based precision castparts announces 900 million deal to buy primus international . the oregonian . zuckerman peter . precision s growth will bring 400 new jobs . the oregonian september 25 2006 . hunsberger brent . precision castparts buys maker of fasteners . the oregonian january 9 2007 . fortune 500 2007 . cnnmoney.com . april 30 2007 . retrieved 2009 07 20 . centra industries announces sale to precision castparts corp. . bloomberg . 2012 05 07 . retrieved 2013 11 21 . siemers erik october 8 2012 . precision castparts acquires texas honing . portland business journal . retrieved october 8 2012 . read richard november 9 2012 . precision castparts to acquire titanium metals in 2.9 billion deal . the oregonian . access date requires url help welcome to precision castparts corp. . www.precast.com . retrieved 2015 08 10 . paul koberstein april 7 2016 . oregon local news long history of johnson creek pollution winds back to precision castparts . portland tribune . portland oregon . retrieved april 16 2016 . learn scott ; feulner natalie august 6 2011 . after a night of tension confusion and a toxic cloud precision castparts in oregon says it will make changes to prevent a repeat . the oregonian . portland oregon . read richard august 26 2013 . portland s precision castparts ranked nation s top industrial air