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Warren Buffett
According to a statement released on Monday morning, Precision shareholders will get $235 per share.
Various news outlets had reported on this deal over the weekend.
"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," said Berkshire Hathaway chairman Warren Buffett in the statement.
And in an interview on CNBC Monday morning, Buffett said, "All deals seem expensive to me but this one doesn't. We're certainly paying a very good price."
PCC is based in Portland, Oregon, and manufactures some of the metal components that go into aircraft engines and industrial gas turbines.
Buffett told CNBC that aerospace and oil & gas will be "good businesses."
The deal is expected to close in the first half of next year.
PCC shares jumped nearly 20% in premarket trading.