(Oregon Public Broadcasting) — Oregon's second largest Fortune 500 company, Precision Castparts, has agreed to acquire Aerospace Dynamics International in California.

Precision Castparts will pay $625 million for ADI.

Like Precision, ADI makes highly machined products for the aerospace industry. ADI has expertise in large complex components and parts that use hard metals.

Its customers include commercial airplane manufacturers, like Boeing and Airbus.

ADI operates from one site in Valencia, California, and employs approximately 625 people.

In a statement, Precision Castparts CEO Mark Donegan said his company has pursued ADI for several years.

He said ADI has invested in world-class facilities that will expand Precision's products for next-generation airplanes. Following the announcement, Precision stock rose 1.3 percent.

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