DOJ Clears Precision Castparts Purchase of Special Metals

On May 23, the Department of Justice approved Precision Castparts Corp.'s $540 million cash acquisition of Special Metals Corp. Huntington, West Virginia based Special Metals is the world's biggest maker of nickel-based alloys and superalloys for forged products. Precision, based in Portland, Oregon, is one of Special Metals' customers and manufactures components for the aerospace, power and automotive markets. Precision aims to cut costs by bringing its alloy production in-house.