PCC Specialty Products, Inc., an operating unit of Precision Castparts Corp., has signed an agreement with Kadimi Tool Manufacturing Company Private Limited to establish a 50:50 joint venture company to manufacture thread rolling dies and header tooling at Kadimi's Gurgaon manufacturing facility near New Delhi.

The joint venture, which will operate under the Kadimi name, will involve technical collaboration with two of PCC Specialty Products' businesses: Reed-Rico, located in Holden, Massachusetts, and Astro Punch of Bristol, Rhode Island. Rajiv Agarwal has been named Managing Director for the new company.

The joint venture agreement with Kadimi Tool Manufacturing will complement the strengths of Reed-Rico and Astro Punch in the fastener tooling area. Both the partners aim to combine engineering leadership with significant cost advantages to compete more effectively in the global marketplace.

"The Kadimi and Reed-Rico/Astro Punch connection comes as a boon to the fastener industry worldwide,"  Rakesh Gupta, director of Kadimi Tools said. Following the joint venture, Reed-Rico products will now be manufactured in India, thereby substantially improving operational cost effectiveness. In addition, the company plans to develop regrinding capabilities to enable customers to send in their used dies for reconditioning; this service is currently not available in the Indian market."

Financial details of the joint venture agreement have not been disclosed. PCC Specialty Products, Inc., headquartered in Wexford, Pennsylvania, is comprised of Reed-Rico and Astro Punch fastener-forming tools, Reed-Rico and Hartford fastener machines, Eldorado deep-hole-boring tools and machines, PCC Olofsson and PCC Pittler horizontal and vertical turning machine tools, and PCC Superior Fabrication products.

PCC Specialty Products, Inc. operates within the Industrial Products segment of Precision Castparts Corp (PCC), a worldwide manufacturer of complex metal components and products. PCC claims to be the market leader in manufacturing both large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines. In addition, PCC has expanded into the industrial gas turbine, fluid management, industrial metalworking tools and machines, pulp and paper, advanced metal forming technologies, tungsten carbide, airframe components, and other metal products markets.