Warren Buffet completes purchase of Precision Castparts

Warren Buffet’s corporate domain just got bigger now that Berkshire Hathaway owns Portland-based Precision Castparts. The $37 million dollar deal was the largest in state history.

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The $37 billion takeover, announced last summer, makes the state’s second-largest company a component of Warren Buffett’s investment empire. It’s not only Oregon’s largest deal ever: It’s Buffett’s biggest takeover, too.

Precision Castparts makes heavy-duty components for airplanes, generators and other industrial products. Founded in 1953, it was one of three Oregon companies in the Fortune 500, along with Nike and Lithia Motors.

Berkshire Hathaway pledged to retain Precision Castparts’ Portland office and executive teams. Those promises are standard fare in corporate takeovers, often disregarded afterwards. But Buffett has little incentive to shake up the Portland company: It’s not a neat fit with any of his other businesses, and Precision Castparts is hugely profitable.

(READ MORE: Oregon Live)

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