Primus Sold to Precision Castparts
Oak Hill Capital Partners said today that it will sell Bellevue, WA-based aerospace components manufacturer Primus International to Precision Castparts of Portland, OR, for $900 million in cash. The transaction is expected to close in the third quarter of 2011. Oak Hill acquired Primus in 2006 for an undisclosed sum. Primus employs 1,500 people across seven sites, including three in the Seattle area, to manufacture metallic and composite parts, kits, and assemblies for such aircraft as Boeing’s 737, 777 and 787 and Airbus’s A320, A330 and A350. Mark Donegan, chairman and CEO of Precision Castparts, said the Primus management team, led by current chief Jim Hoover, will remain with the company.