Precision Castparts Corp. (Portland, Ore.) entered into a definitive agreement to acquire Special Metals Corp., a producer of high-performance nickel-based alloys and super alloys, for approximately $540 million in cash, including the repayment of SMC's outstanding debt.

Precision Castparts Corp. (Portland, Ore.; http://www.precast.com) entered into a definitive agreement to acquire Special Metals Corp., a producer of high-performance nickel-based alloys and super alloys, for approximately $540 million in cash, including the repayment of SMC's outstanding debt. The transaction has been approved by the boards of both companies, as well as by holders of more than 90 percent of the common stock of SMC, and is not subject to a financing contingency or approval by PCC's shareholders. Subject to regulatory approvals, the transaction is anticipated to close in the third quarter of fiscal 2006.