PCC in Investment in Chinese Pipe Manufacturer
January 15, 2010
Cleary Gottlieb represented Precision Castparts Corp. in its acquisition from a foreign private equity fund of an indirect 49 percent equity interest in Yangzhou Chengde Steel Tube Co., a leading manufacturer of metal alloy seamless pipe for various energy applications. PCC is a diversified manufacturer of complex metal components and products, serving the aerospace, power generation, and general industrial markets.
The transaction closed on January 15 in Hong Kong. In connection with the acquisition, PCC's Gordon Wyman division also entered into various commercial arrangements with Chengde.