Precision Castparts Corp. (PCC) in Portland, Ore. will acquire the shares of Air Industries Corp. (AIC), a manufacturer of airframe fasteners with facilities in Garden Grove, Calif. and the assets of Air Tuf Products Inc., a manufacturer of header tooling and punch dies located in Phoenix, Ariz., for $194.0 million in cash.

Precision Castparts Corp. (PCC) in Portland, Ore. (http://www.precast.com) will acquire the shares of Air Industries Corp. (AIC), a manufacturer of airframe fasteners with facilities in Garden Grove, Calif. and the assets of Air Tuf Products Inc., a manufacturer of header tooling and punch dies located in Phoenix, Ariz., for $194.0 million in cash. The acquisition of AIC (an acquisition of assets for tax purposes) and Air Tuf assets should generate approximately $57 million in tax savings over the next 15 years. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of fiscal 2005.