![]() The company’s board of directors commissioned a study to determine what other types of businesses would generate profitable growth to smooth out the valleys of the aerospace cycle. ![]() Airlines were canceling or stretching out the sizeable orders for aircraft they had placed late in the previous decade, and, with more than 80 percent of its sales in aerospace, Precision Castparts was feeling the pain deeply. McCormick stepped into the CEO role at a time when the cyclical commercial aerospace industry was particularly bad. Donegan went to work as a supervisor in the Portland investment casting operations. Shortly after arriving at the company, he asked Mark Donegan, also from General Electric, to join him. He had joined the company in 1985 as president and chief operating officer after a successful manufacturing career with General Electric. Strategically, this acquisition enabled Precision Castparts to bring a better value equation to the same customers who were buying structural castings.īill McCormick became chief executive officer of Precision Castparts in 1991. The business was a leading producer of investment cast blades and vanes used in the high-temperature turbine sections of aircraft engines. In 1986, the acquisition of the airfoils business from TRW nearly doubled the size of the company. This operation continues to prosper today as PCC France, part of PCC Structurals. Precision Castparts acquired a titanium foundry in France from Messier Fonderie d’Arudy early in 1985 and moved the operations into a new plant in Ogeu-les-Bains, France, the following year. Acquisitions then became the next growth engine. In the meantime, the company also focused on building its own internal capability to melt alloys and to create ingot, the input stock for investment castings. This endeavor eventually resulted in the addition of a new titanium production facility, and Precision Castparts soon became the world’s leading manufacturer of large titanium castings as well. At the same time, the company was hard at work developing a process to manufacture titanium castings, adding to its already proven capabilities with nickel and stainless steel alloys. In 1968, Precision Castparts became a public company with the offering of 120,000 shares of common stock to 1,100 new shareholders. It wasn’t long before Pratt & Whitney signed up to incorporate large structural castings into their JT9D commercial engine, and Precision Castparts became a significant participant in the aerospace industry. Air Force C-5 Galaxy heavy military transport, was the first high-bypass turbofan engine and the forerunner of GE’s commercial CF6 family of jet engines, installed on Airbus and Boeing wide-body aircraft around the world. The TF39 engine, designed to power the U.S. Then, in 1967, Precision Castparts was awarded a contract with General Electric for TF39 engine components. That moved the business far ahead of its competition and resulted in several contracts for large aircraft engine castings. The company pushed aggressively to make ever larger structural castings and, in 1962, purchased a vacuum furnace with the capability of pouring a part weighing up to 1,000 pounds. Three years later, the company, owned by Cooley and two other individuals, was incorporated under the laws of the State of Oregon. This venture proved so successful that, by the spring of 1953, the casting division was made into a separate business and named Precision Castparts Corp. Siemens Energy employs around 91,000 people worldwide in more than 90 countries and generated revenue of €28.5 billion in fiscal year 2021.In 1949, Joseph Cox, president and owner of Oregon Saw Chain in Portland, Oregon, started a small investment casting business with the intention of making a special cutter for his chain saw products.Įd Cooley, assistant general manager for the company, began to spend more and more time with the casting operation and solicited outside work primarily from local businesses. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. More than 50 percent of the portfolio has already been decarbonized. Such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. ![]() The portfolio includes conventional and renewable energy technology, With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. Siemens Energy is one of the world’s leading energy technology companies.
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