Doncasters, the international precision engineering group, has entered into a definitive agreement to acquire US-based manufacturer of fasteners and precision components FastenTech Inc. from Citigroup Venture Capital for $492 million. The deal is subject to the customary regulatory approvals.

The Doncasters Group supplies precision components and assemblies to the aerospace, power generation, specialty automotive and medical orthopaedic industries and has 4,800 employees across the USA, Europe and Mexico.

Headquartered in Minneapolis, Minnesota, FastenTech is an international manufacturer of industrial and aerospace-grade engineering components. The company is a market leader in the power generation, aerospace, military and civil engineering sectors with a blue-chip customer base. It has 1,800 employees.

Both the Doncasters Group and FastenTech have leading positions in a range of end markets with complementary technology portfolios, products and product development capabilities for the power generation sector.