Precision Castparts Corp. (PCC) , the American market leader in large, complex investment casting, airfoil casting, and forged component manufacturing, will pay a civil penalty of $3 million as part of an administrative settlement with the U.S. Department of State to resolve over 20 export control violations of the Arms Export Act and the International Trafficking in Arms Regulations.
The company has supplied foreign nationals from Bhutan, Burundi, El Salvador, Honduras, Mexico and Peru with tools and wax molds used in the production of gas turbine engine blades. All of these violations occurred before 2020 and were voluntarily reported by the company.
Under the conditions of the 36-month consent agreement, Precision Castparts Corp. will pay the civil penalty amounting to $3 million. In addition, for a minimum of two years, PCC will appoint an individual to serve as an Internal Special Compliance Officer to oversee the Consent Agreement, which will also require an external audit and implementation of additional compliance measures.
