Precision Castparts Corp. Signs $400 Million Sourcing Contract With Alstom

Apr 30, 2001, 01:00 ET from Precision Castparts Corp.

    PORTLAND, Oregon, April 30 /PRNewswire/ -- PCC Airfoils and
 PCC Structurals, two operating units of Precision Castparts Corp. (NYSE:   PCP),
 have contracted with ALSTOM (Switzerland) Ltd. and ALSTOM Power UK Ltd. to
 cast and machine turbine components for ALSTOM's broad spectrum of gas
 turbines, in a deal valued at $400 million.
     This contract, which extends through 2005, involves the complete family of
 advanced ALSTOM gas turbines for power generation and industrial purposes,
 from the 5 MW Typhoon at the low end to the 265 MW GT26B. The work will be
 performed at five PCC locations:  PCC Airfoils' AETC operation in
 Leeds, England (casting), AETC Leicester, England (machining), PCC Airfoils in
 Mentor and Minerva, Ohio (casting), and PCC Structurals (casting) in Portland,
 Oregon.
     "We are delighted to be cooperating closely with ALSTOM on these
 significant gas turbine programs," said William C. McCormick, chairman and
 chief executive officer of Precision Castparts Corp. "This long-term agreement
 will benefit both companies from a technical and cost standpoint and will
 ultimately deliver greater value to the end-user. This exciting growth
 opportunity is also further evidence that our strategic decision in the early
 1990s to enter the IGT market in order to mitigate our reliance on aerospace
 is, in fact, working."
     Precision Castparts Corp. is a worldwide manufacturer of complex metal
 components and products. PCC serves into the industrial gas turbine, fluid
 management, industrial metalworking tools and machines, pulp and paper,
 advanced metalforming technologies, tungsten carbide, airframe components,
 aerospace, and other metal products markets. The Company is the market leader
 in manufacturing both large, complex structural investment castings, airfoil
 castings, and forged components used in jet aircraft engines.
     Information in this press release describing the projected growth and
 future results and events constitutes forward-looking statements, within the
 meaning of the Private Securities Litigation Reform Act of 1995. Actual
 results in future periods may differ materially from the forward-looking
 statements because of a number of risks and uncertainties, including but not
 limited to fluctuations in the aerospace and general industrial cycles; the
 relative success of the Company's entry into new markets, including the rapid
 ramp-up of production for industrial gas turbine and airframe components;
 competitive pricing; the availability and cost of materials and supplies;
 relations with the Company's employees; the Company's ability to manage its
 operating costs and to integrate acquired businesses in an effective manner;
 governmental regulations and environmental matters; risks associated with
 international operations and world economies; the relative stability of
 certain foreign currencies; and implementation of new technologies. Any
 forward-looking statements should be considered in light of these factors.
 The Company undertakes no obligation to publicly release any forward-looking
 information to reflect anticipated or unanticipated events or circumstances
 after the date of this press release.
     Precision Castparts' press releases are available at no charge through
 PR Newswire's Company On-Call fax service. For a menu of PCC's press releases
 or to retrieve a specific release, call 800-758-5804, extension 714025.
 Information is also available on the Internet at the PRN Web site --
 http://www.prnewswire.com or PCC's home page at http://www.precast.com .
 
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SOURCE Precision Castparts Corp.
    PORTLAND, Oregon, April 30 /PRNewswire/ -- PCC Airfoils and
 PCC Structurals, two operating units of Precision Castparts Corp. (NYSE:   PCP),
 have contracted with ALSTOM (Switzerland) Ltd. and ALSTOM Power UK Ltd. to
 cast and machine turbine components for ALSTOM's broad spectrum of gas
 turbines, in a deal valued at $400 million.
     This contract, which extends through 2005, involves the complete family of
 advanced ALSTOM gas turbines for power generation and industrial purposes,
 from the 5 MW Typhoon at the low end to the 265 MW GT26B. The work will be
 performed at five PCC locations:  PCC Airfoils' AETC operation in
 Leeds, England (casting), AETC Leicester, England (machining), PCC Airfoils in
 Mentor and Minerva, Ohio (casting), and PCC Structurals (casting) in Portland,
 Oregon.
     "We are delighted to be cooperating closely with ALSTOM on these
 significant gas turbine programs," said William C. McCormick, chairman and
 chief executive officer of Precision Castparts Corp. "This long-term agreement
 will benefit both companies from a technical and cost standpoint and will
 ultimately deliver greater value to the end-user. This exciting growth
 opportunity is also further evidence that our strategic decision in the early
 1990s to enter the IGT market in order to mitigate our reliance on aerospace
 is, in fact, working."
     Precision Castparts Corp. is a worldwide manufacturer of complex metal
 components and products. PCC serves into the industrial gas turbine, fluid
 management, industrial metalworking tools and machines, pulp and paper,
 advanced metalforming technologies, tungsten carbide, airframe components,
 aerospace, and other metal products markets. The Company is the market leader
 in manufacturing both large, complex structural investment castings, airfoil
 castings, and forged components used in jet aircraft engines.
     Information in this press release describing the projected growth and
 future results and events constitutes forward-looking statements, within the
 meaning of the Private Securities Litigation Reform Act of 1995. Actual
 results in future periods may differ materially from the forward-looking
 statements because of a number of risks and uncertainties, including but not
 limited to fluctuations in the aerospace and general industrial cycles; the
 relative success of the Company's entry into new markets, including the rapid
 ramp-up of production for industrial gas turbine and airframe components;
 competitive pricing; the availability and cost of materials and supplies;
 relations with the Company's employees; the Company's ability to manage its
 operating costs and to integrate acquired businesses in an effective manner;
 governmental regulations and environmental matters; risks associated with
 international operations and world economies; the relative stability of
 certain foreign currencies; and implementation of new technologies. Any
 forward-looking statements should be considered in light of these factors.
 The Company undertakes no obligation to publicly release any forward-looking
 information to reflect anticipated or unanticipated events or circumstances
 after the date of this press release.
     Precision Castparts' press releases are available at no charge through
 PR Newswire's Company On-Call fax service. For a menu of PCC's press releases
 or to retrieve a specific release, call 800-758-5804, extension 714025.
 Information is also available on the Internet at the PRN Web site --
 http://www.prnewswire.com or PCC's home page at http://www.precast.com .
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X84159644
 
 SOURCE  Precision Castparts Corp.