Precision Parts Acquires Precision Gear
January 4, 2004—Precision Parts International acquired Precision Gear, a manufacturer of high precision gearing for specialty aviation applications company, on August 23.
Precision Gear is the third company acquired by Precision Parts, and they plan to continue adding companies to their list, says CEO Mike Bryant. ?We're looking for the next acquisition to take place within the next six months and the rest over the course of five to seven years,? he says.
In addition to their current facilities in Ohio, Indiana and South Carolina, Bryant would like to buy companies in Europe and the Pacific due to increasing customer demand.
Eventually, the Precision Parts divisions will be split 50/50 between automotive and non-automotive companies, he says. Currently, the divide is about 80/20.
Among other changes in the service will be a greater emphasis on design and assembly work.
?OEMs are forcing more supply base consolidation and suppliers who will provide a higher level of product design,? he says.
Bryant was appointed CEO of the $200 million Precision Parts Co. Prior to this appointment, he was president of GenCorp.'s GDX Automotive Division.
In addition, Michael Niemiec was appointed CFO. Previously, he was vice president of operations and strategic initatives at TRW Automotive.