News


Investment in Equipment and Software Expected to Grow 4.8% This Year Investment in equipment and soft-


ware is expected to grow 4.8 % in 2013, according to the Q3 update to the 2013 Equipment Leasing & Finance U.S. Eco- nomic Outlook released by the Equip- ment Leasing & Finance Foundation. The Foundation decreased its 2013 forecast from the 5.6 % growth predicted in its Q2 Outlook, due to slightly slower than expected growth in investment in the first and second quarters. However, the Q3 report predicts equipment invest- ment will grow steadily over the next six months across most verticals due to re- duced policy uncertainty and strong un- derlying economic fundamentals. The report, which is focused on the $725 billion equipment leasing and finance industry, forecasts equipment investment and capital spending in the United States and evaluates the effects of various related and external factors in play currently and into the foreseeable future.


According to the Foundation report, the U.S. economy is in its strongest po- sition since the 2008-09 recession, but growth remains subpar. The economy continues to be buffeted by multiple headwinds, including high oil prices, weak global growth, fiscal consolidation and uncertainty about future fiscal re-


Companies


PCC Expands Fluid Fittings Capabilities With the Acquisition of Permaswage Precision Castparts Corp.


(PCC) has agreed to acquire Permaswage SAS, a world- leading designer and manu- facturer of aerospace fluid fit- tings, for $600 million. Permaswage’s primary focus is the design and manu- facture of permanent fittings used in fluid conveyance systems for airframe applica- tions, as well as related instal-


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lation tooling. The company has particular


expertise in


swaged fittings, which estab- lish a permanent connection between two tubes, and a growing presence in separable (threaded) fittings. Permas- wage permanent fittings have been designed into virtually every major commercial and military aircraft program. The company operates manufac-


turing locations in Gardena, California; Paris, France; and Suzhou, China, and employs approximately 680 people. “The acquisition of Per- maswage continues our dis- ciplined drive to enhance our value proposition to our air- frame customers,” said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp.


manufacturer


PCC is a worldwide, of complex


metal components and prod- ucts. It serves the aerospace, power, and general industrial markets. PCC is a market leader in manufacturing large, complex structural invest- ment castings, airfoil castings, forged components and highly engineered, critical fasteners for aerospace applications.


August 2013


forms and other federal policies. Howev- er, the Foundation reports that the under- lying fundamental growth drivers of the U.S. economy are in better shape than in recent years. The report predicts growth will pick up in the second half of the year due to an improving housing market and auto sales, an energy renaissance, reshor- ing of manufacturing, improving credit availability and rising employment. Trends in equipment investment in-


clude: o Agriculture equipment invest-


ment is expected to average near-flat growth on a year-over-year basis over the next three to six months. o Computers and software invest- ment is expected to accelerate to more normal growth (5% to 8%) in the second half of the year. o Construction equipment invest-


ment continued growing rapidly, increas- ing 56 percent year-over-year in Q1 2013, boosted by a recovering housing sector. o Industrial equipment investment


is expected to see average growth (1% to 3% year-over-year) through 2013. o Medical equipment investment


will likely continue to stagnate, with po- tential to pick up later in the year. o Transportation


equipment in- vestment slowed for the third consecu-


tive quarter, but some improvement in its leading indicators suggest growth will pick up slightly in the next three to six months.


Shane Allen Appointed to Texas AFS Board


Shane Allen, Head of Synchro ERP


North American Operations, was recent- ly appointed to the Board of Directors of the Texas AFS Chapter with a term expir- ing in 2014.


EICF Issues Call for Papers for 28th Congress in Switzerland


The European Investment Casters


Federation (EICF) has issued a call for papers for its 28th International Congress next year. The event is scheduled. June 15-18, 2014 in Lugano, Switzerland. Theme for the congress is “Excel-


lence in the Art of Investment Casting.” Abstracts, due by September 2013,


may be submitted to the EICF Secretary- General at d.ford@eicf.org.


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