Consolidated Precision Products Corp. (Cleveland), a manufacturer of components and sub-assemblies primarily for the commercial aerospace and defense markets, announced it has reached an agreement to acquire Selmet Inc. (Albany, Oregon).

Selmet is a manufacturer of titanium castings and machined components for the aerospace and defense industries. Founded in 1983, Selmet operates an investment casting foundry.

With the acquisition of Selmet, CPP will expand its offering to include titanium castings.

“Paired with CPP’s existing product set, the transaction will enable CPP to provide the most comprehensive casting capabilities in the industry,” CPP said in a news release.

Selmet’s current management team will remain upon closing of the transaction to help drive continued growth.

“We have long admired Selmet’s world-class technical capabilities, longstanding customer relationships, strong management team and track record of growth,” said James Stewart, CEO, CPP. “This highly complementary acquisition will round out our product offering to include titanium castings, enabling us to meet the strong demand from customers seeking advanced titanium content for next-generation platforms. We are pleased to welcome the talented Selmet team to the CPP family.”

“We believe the combination of CPP and Selmet’s products creates a highly attractive and comprehensive platform for CPP’s customers in the aerospace and defense industries,” said Dan Zamlong, managing director, global private equity firm Warburg Pincus. “We look forward to continuing to support CPP and its future growth.”