GE Aerospace Agrees to Acquire Castings Maker CPP for $11.75 Billion

GE Aerospace (GE ) announced on September 8, 2026, that it has signed an agreement to acquire Consolidated Precision Products (CPP), a manufacturer of highly engineered castings, from private investment firms Warburg Pincus and Berkshire Partners in a transaction valued at $11.75 billion.

Under the terms described in the company’s announcement, the purchase price will be financed with $7 billion in cash, with the remainder funded through new debt. GE Aerospace stated that the deal values CPP at approximately 18 times 2027 EBITDA including expected net synergies, and approximately 26 times without them. The company expects the acquisition to be accretive to adjusted earnings per share and free cash flow in the first year, excluding one-time costs and deal-related amortization, and said the transaction does not change its capital allocation plans.

The transaction is expected to close in the second half of 2027, subject to regulatory approvals and other customary closing conditions.

CPP Operations and Revenue Mix

CPP is headquartered in Cleveland, Ohio, and manufactures highly engineered castings and sub-assemblies primarily for the commercial aerospace and defense markets. Founded in 1991, the company is one of the world’s largest producers of investment and precision sand castings, producing complex super alloy, titanium, aluminum, magnesium, and steel castings for commercial and military aircraft, weapon systems, commercial and regional and business jets, helicopters, and industrial gas turbines. CPP employs roughly 6,600 people across more than 20 facilities globally, and GE Aerospace has been a CPP customer for more than fifteen years.

According to the investor presentation GE Aerospace published alongside the announcement, CPP is expected to generate approximately $2.0 billion in revenue in 2027. The presentation breaks that revenue down as roughly 60 percent commercial aerospace, roughly 20 percent defense, and roughly 20 percent power and other markets. Approximately 70 percent of CPP’s revenue comes from commercial and defense engines, with the remainder primarily from missiles and power applications. The presentation describes CPP as a global manufacturer of highly engineered airfoils and structural castings in titanium, superalloy, and soft metal, producing castings for nearly every major current-generation commercial aircraft program as well as key defense engines and missile programs.

Stated Rationale and Synergy Targets

GE Aerospace Chairman and CEO H. Lawrence Culp, Jr. tied the acquisition to demand across the company’s end markets. “Investing in mission-critical casting capacity is needed to support the strong simultaneous demand across commercial engines, aftermarket and defense,” Culp said in the announcement. He added that combining GE Aerospace’s technology capabilities and FLIGHT DECK operating model with CPP’s manufacturing experience is expected to expand capacity, improve performance, and accelerate new engine technologies for the current fleet and next-generation platforms.

The investor presentation states that GE Aerospace’s airfoil demand, measured by number of parts, is projected to grow more than 30 percent between 2026 estimates and 2030 forecasts. It describes the CPP transaction as an investment made alongside planned capital investments over time, with additional jobs to be created as the FLIGHT DECK model is deployed to grow output through increased yield and machine utilization combined with reduced scrap and rework. The presentation cites Avio Aero, Unison, and Dowty as a proven model of GE Aerospace acquisitions that continue to serve external customers.

On technology, the presentation states that GE Aerospace’s enhanced proprietary airfoil technology enables cooler engine temperatures, supporting durability and efficiency, and is applicable to current engines including LEAP as well as next-generation programs. Integrating CPP’s design and manufacturing is expected to shorten the development cycle by leveraging AI and connected data and to ensure manufacturing readiness to deploy the new technology for a more reliable production ramp.

The presentation targets net synergies of approximately $200 million, drawn from productivity, supply chain, procurement, and other categories, net of planned capital and operating expense investments, with the synergy total more than doubling between the third and sixth years after closing. GE Aerospace also projects double-digit return on invested capital by year five.

CPP CEO James Stewart said GE Aerospace has been a partner to CPP for many years and that CPP looks forward to advancing the success of both organizations. Warburg Pincus Managing Director Dan Zamlong said the firm was proud of the platform built in partnership with Berkshire Partners and CPP’s management, noting investments in CPP’s operations, technology, quality systems, and talent. Berkshire Partners Managing Director Blake Gottesman said the firm was grateful to have partnered with CPP’s management and Warburg Pincus during what he called a critical chapter of the company’s growth.

Advisors

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as lead legal counsel to GE Aerospace, with Evercore and PJT Partners as lead financial advisors. Morgan Stanley (MS ) & Co. LLC and Guggenheim Securities, LLC are serving as financial advisors to CPP, and Cleary Gottlieb is serving as CPP’s legal counsel.

GE Aerospace describes itself as a global aerospace propulsion, services, and systems company with an installed base of approximately 50,000 commercial and 30,000 military aircraft engines and a global workforce of approximately 57,000 employees. The company flagged the transaction’s expected timing, structure, closing conditions, and benefits as forward-looking statements subject to uncertainty, referring readers to its SEC filings.