Precision Castparts (PCC) has signed a deal to acquire Noranco from MidOcean Partners and PSP Investments for $560m.
Noranco supplies machined and fabricated components for aero-engines, landing gear and airframe applications to original equipment and Tier 1 manufactures.
The company is engaged in high-precision machining and sheet metal fabrication, processing, assembly, and testing for the next-generation commercial aircraft, including models 737, 787, 777, A350, and A320.
Noranco operates eight manufacturing facilities across Canada, the US, and Mexico, with a workforce of around 1,100 people.
PCC expects the acquisition to strengthen its presence and expand product offerings in airframe, engine, landing gear, and machining capabilities.
PCC chairman and CEO Mark Donegan said: "By utilising our current operations to supply forgings and fasteners to Noranco, PCC becomes an even more competitive force among aerospace manufacturers.
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By GlobalData"Together, PCC and Noranco will leverage our technical talent and operational expertise to strengthen our position as the preeminent supplier of the most complex and critical components to the aerospace industry."
MidOcean and PSP Investments jointly acquired Noranco in April 2013.
MidOcean CEO Ted Virtue said: "Noranco has been a terrific platform to consolidate the highly fragmented aerospace sector and we are proud of the job the Noranco management team and our operating resources have done."
PCC plans to operate Noranco as part of the Airframe Products segment.
The transaction, which is subject to regulatory approvals, is due to be completed in the third quarter of 2016.
Previously this month, PCC agreed to buy Composites Horizons (CHI) from American Industrial Partners.
