RathGibson, a leading manufacturer of welded, welded and drawn, and seamless stainless steel, nickel, and specialty alloy tubing, has agreed to be acquired by Precision Castparts Corp. (PCC). The acquisition is pending regulatory approvals.
Precision Castparts Corp. (NYSE: PCP) is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets.
Mark G. Essig, CEO of RathGibson, stated the following: "The acquisition of RathGibson by Precision Castparts represents a great day for our company. Operating as part of PCC will allow RathGibson to accelerate its growth plans and offer a more complete product capability to the market. We look forward to capitalizing on the opportunities that this strategic partnership will offer. We also would like to thank our current ownership group, led by Wayzata Partners, for shepherding RathGibson through its recent restructuring, and giving the company a solid foundation to prosper."
RathGibson's Chairman of the Board, Eugene Davis, added the following: "Wayzata Investment Partners led RathGibson through a difficult turnaround, but most of the credit goes to the team at RathGibson. With the PCC acquisition, the company is left in very stable hands."
RathGibson is a worldwide manufacturer of precision engineered straight lengths, coil, and tubing for diverse industries such as power generation, renewable, oil and gas, petrochemical, chemical, food and dairy, beverage, pharmaceutical, and general commercial.
RathGibson’s manufacturing locations include: Janesville, Wisconsin; North Branch, New Jersey; and Clarksville, Arkansas (Greenville Tube). In addition to the sales offices in Janesville and North Branch, RathGibson also has strategically placed sales offices in Shanghai, China; Mumbai, India; and Vienna, Austria.
RathGibson used Stroock & Stroock & Lavan as its legal counsel and the company was advised by Jefferies & Company.