For Immediate Release
Chicago, IL – August 28, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: General Electric (GE), JPMorgan Chase & Co. (JPM), United Technologies Corp. (UTX), Tyco International (TYC) and Precision Castparts Corp. (PCP).
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Here are highlights from Thursday’s Analyst Blog:
GE to Sell Security Business
General Electric (GE) is arranging to sell its security business, which makes alarms, surveillance systems and other safety products, and hopes to attract bids in the range of $2 billion for the unit. This move represents GE’s strategy of exiting from non-core businesses.
GE has hired JPMorgan Chase & Co. (JPM) to sell the portion of its business that makes security products. The business has drawn interest from GE’s rivals United Technologies Corp. (UTX) and Tyco International (TYC).
Security assets have traditionally attracted private equity buyers, but due to the difficult economic environment and an expressed interest by GE in selling these assets to a strategic buyer, bid amounts could be depressed for such a product portfolio. It remains in question whether acquirers will be interested in GE Security’s full portfolio of products, or only bits and pieces of the business.
Precision Castparts Strengthens
Yesterday, Precision Castparts Corp. (PCP) announced its decision to acquire Carlton Forge Works and related entities for $850 million. Carlton, with one facility in Paramount, CA, is a leading manufacturer of seamless rolled rings for critical aerospace applications. Carlton is a key supplier for Boeing 787 and Airbus XWB.
Precision Castparts will also acquire Arcturus Manufacturing Corporation, a hammer forging operation, as a part of this transaction. The acquisition, which is expected to be completed in the third quarter of fiscal 2010, will further strengthen PCP’s forging capabilities. The transaction is expected to be immediately accretive to the company’s earnings.
Precision Castparts derived 43.6% of its fiscal 2009 revenue from the Forged Products segment. The company is one of the leading manufacturers of forged components for the aerospace and power generation markets. The company has been expanding its Forged Products business through regular acquisitions. The previous acquisition was that of Hackney Ladish Holding Corp. a leading producer of forged pipe fittings for critical energy infrastructure and related applications, in fiscal 2009.
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