Howmet falls after GE Aerospace agrees to buy CPP for nearly $12 billion
08/09/2026 14:57
BUZZ-Howmet falls after GE Aerospace agrees to buy CPP for nearly $12 billion ** Shares of aircraft parts maker Howmet Aerospace HWM.N down 5.3% after GE Aerospace GE.N agrees to buy castings manufacturer Consolidated Precision Products
** Engine maker GE agrees to buy CPP from investment firms Warburg Pincus and Berkshire Partners for $11.75 billion
** Deal comes a few days after SpaceX SPCX.O CEO Elon Musk touted the company's ambitions to start in-house casting of gas turbine blades and vanes
** GE could gain greater control over a key source of precision castings used in jet engines
** Median PT of 24 brokerages covering GE is $400, while median PT of 23 brokerages covering HWM is $335 - data compiled by LSEG
** YTD as of last close, GE up 5% and HWM up 22%
(Reporting by Anshuman Tripathy)
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