Exacta Aerospace sold to Precision Castparts
08/23/2013 7:23 PM
08/23/2013 7:23 PM
Exacta Aerospace, a privately held family-owned Wichita supplier to the aerospace industry, has a new owner.
Precision Castparts Corp., a publicly traded maker of metal components and products that is based in Portland, Ore., bought the company earlier this month, a Precision Castparts company spokesman confirmed this week.
The acquisition has not been publicly announced.
Exacta, located at 4200 W. Harry builds components, sheet-metal details, kits and assemblies for the commercial, military and business jet markets.
In 2004, Exacta employed 55 people. By 2008, the number had grown to 165. And today, that number has grown to about 250.
Its biggest customers include Spirit AeroSystems, Boeing and Gulfstream but Exacta also does work for Bombardier Learjet, Cessna and others. It ships internationally.
The business was co-founded in 1978 by Randy Voegeli and a partner. In 1984, Randy and his wife, Bonnie, bought out the partner.
Sons Ben and Casey Voegeli grew up in the business and play key roles in the company. Ben Voegeli serves as executive vice president and general manager; Casey is an executive vice president and director of business operations.
A spokesman for Precision Castparts declined to comment on the purchase. An Exacta official also declined comment.
The aerospace industry has seen a lot of consolidation over the past few years, and Precision Castparts has been one of the most active buyers.
In December, Precision Castparts purchased Synchronous Aerospace Group, which had acquired long-standing Wichita aviation subcontractors Weaver Manufacturing and Brittain Machine. It also had locations in Tulsa, Okla., Santa Ana, Calif., and Kent, Wash.
Last month, Precision Castparts received governmental regulatory clearance to buy Exacta.
Exacta has sustained an average rate of 30 percent a year since it opened, the company has said. It’s been growing steadily and has been investing heavily in equipment and machinery as it continues to expand.
In 2005, it purchased the assets of Blanchat Machine, one of Wichita’s oldest suppliers, which specialized in complex machined components and assemblies.
In June, Exacta officials partnered with the Greater Wichita Economic Development Coalition and other Wichita suppliers to represent the city’s aerospace industry at the Paris Air Show.
Last year, Precision Castparts posted sales of $7.2 billion and net income of $1.2 billion. During the second quarter in 2013, it posted sales of $2.4 billion.
It employs 27,550 people in 151 locations.
The company does business in the aerospace, power and general industrial markets.
Precision Castparts produces commercial and airframe aerostructures and complex structural investment castings, airfoil castings, forged components and fasteners for the aerospace industry. It also produces airfoil castings for the industrial gas turbine market and extruded seamless pipe, fittings, forgings andclad products for power generation and oil and gas applications.