Precision Castparts will keep its name and its headquarters in Portland, Oregon, as a wholly owned subsidiary of Buffett's holding company, which currently owns about 3% of its stock. The deal is subject to approval by PCC holders of the outstanding shares and by regulators, and is expected to be completed in the first quarter of 2016. "I've admired PCC's operation for a long time. For good reasons, it is the supplier of choice for the world's aerospace industry, one of the largest sources of American exports," Buffett, Berkshire's chairman and chief executive, said in a statement. Precision Castparts manufactures complex metal components and products for the aerospace industry, including aircraft makers Boeing and Airbus, and also products for chemical processing and the oil and gas industry. It had more than $10 billion in revenue in its fiscal 2015 year that ended in March, with net profit of $1.53 billion.