GE Aerospace (NYSE:GE) announced today that it has signed an agreement to acquire Consolidated Precision Products (CPP), a leading manufacturer of highly engineered castings, from private investment firms Warburg Pincus and Berkshire Partners.
GE Aerospace Chairman and CEO H. Lawrence Culp, Jr., said, “Investing in mission-critical casting capacity is needed to support the strong simultaneous demand across commercial engines, aftermarket and defense. By combining GE Aerospace’s technology capabilities and FLIGHT DECK with CPP’s manufacturing experience, we expect to expand capacity, improve performance and accelerate new engine technologies for the current fleet and next-generation platforms.”
CPP, headquartered in Cleveland, Ohio, manufactures 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 producers of investment and precision sand castings, producing complex super alloy, titanium, 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 has a global team of ~6,600 employees across more than 20 facilities. GE Aerospace has been a CPP customer for over fifteen years.
Culp added, “We will leverage FLIGHT DECK to drive process and quality improvements, supporting higher output, and integrate design and manufacturing to bring engine technologies to market faster for our customers. These improvements also will ensure manufacturing readiness to deploy enhanced airfoil technology for a more reliable ramp.”
CPP CEO James Stewart, said, “GE Aerospace has been a great partner to CPP for many years, and we are excited to further strengthen this long‑standing relationship. As we advance our position as an industry leader in castings, GE Aerospace has expressed strong enthusiasm for supporting our continued growth and expanded vision. Together, we look forward to delivering meaningful value and advancing the success of both organizations.”
Warburg Pincus Managing Director Dan Zamlong, said, “We are incredibly proud of the platform we have built in partnership with Berkshire Partners and CPP’s talented management team. CPP has been transformed into a leading precision casting company in the industry, with significant investments in its operations, technology, quality systems and talent, while expanding its ability to support customers across the commercial aerospace, defense, and power generation markets.”
Berkshire Partners Managing Director Blake Gottesman said, “Berkshire Partners is grateful to have partnered with CPP’s management team and Warburg Pincus during a critical chapter of the company’s growth. Together, we have strengthened CPP’s leadership in the castings industry, and we are excited for the company’s continued success as part of GE Aerospace.”