Exhibit 2


          PRECISION CASTPARTS CORP. AND WYMAN-GORDON REACH AGREEMENT ON
        THE SALE OF WYMAN-GORDON TO PRECISION CASTPARTS FOR $20 PER SHARE

    PORTLAND, Ore. and GRAFTON, Mass., May 17 /PRNewswire/ -- Precision
Castparts Corp. (NYSE: PCP) and Wyman-Gordon Company (NYSE: WYG) today
announced that Precision Castparts Corp. has agreed to acquire 100 percent of
the outstanding shares of Wyman-Gordon in a cash transaction valued at
approximately $825 million, including the assumption of $104 million of net
debt.

    Through a wholly owned subsidiary, Precision Castparts Corp. (PCC) will
commence a cash tender offer on or before May 21, 1999, to purchase all
outstanding shares of Wyman-Gordon common stock for $20 per share. Following
completion of the tender offer, Wyman-Gordon will become a wholly owned
subsidiary of PCC through a cash merger at the same price. The tender offer will
be conditioned upon the tender of at least two-thirds of the outstanding shares
of Wyman-Gordon and certain other conditions, including compliance with the
requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

    PCC is the market leader in manufacturing both large, complex structural
investment castings and airfoil castings used in jet aircraft engines, and has
gained market share both in industrial gas turbine (IGT) and structural airframe
castings in recent years. Wyman-Gordon is a market leader in high-quality,
technologically advanced forgings and castings for the aerospace, energy, and
industrial markets. PCC's acquisition of Wyman-Gordon, headquartered in Grafton,
Massachusetts, creates a company that will be a key supplier of both castings
and forgings for aircraft engine components. In addition, the acquisition will
strengthen PCC's position in structural airframe, IGT, energy, and other
industrial markets.

    PCC reported record sales of $1,471.9 million for the fiscal year ended
March 28, 1999, with record net income of $103.3 million, or $4.22 per share
(diluted). Wyman-Gordon's sales for fiscal 1998 were a record $752.9 million,
with net income of $33.9 million, or $0.91 per share (diluted).

    "This strategic acquisition builds on PCC's traditional strengths in the
aerospace industry," said William C. McCormick, chairman and chief executive
officer of Precision Castparts Corp. "In addition, over the past five years, PCC
has been growing through non-aerospace acquisitions in fluid management,
industrial metalworking tools, and machines, pulp and paper, advanced
metalforming technologies, tungsten carbide, and other metal products markets,
as well as through the development of our core capabilities for the IGT and
airframe markets. The acquisition of Wyman-Gordon will accelerate our expansion
into these markets and enable us to heighten our reputation as a high-quality,
cost-effective supplier.





    "In addition to generating increased sales and establishing an even better
aftermarket position, we expect to realize significant synergies over time,"
McCormick continued. "The transaction should be slightly dilutive to PCC's
earnings in the first year, with generous opportunities for accretion in
subsequent years, as the company realizes the full effect of the synergies."

    David P. Gruber, chairman and chief executive officer of Wyman-Gordon,
stated, "The board of directors of Wyman-Gordon believes that PCC's offer
represents an excellent opportunity for our shareholders. The board and
management have sought to produce superior returns for our shareholders, and,
with this agreement, we believe that we have achieved our goal. We are excited
about joining forces with PCC, as the combination of our respective businesses
should result in a stronger entity that will be able to capitalize on
opportunities that we could not realize on our own. The combination of PCC and
Wyman-Gordon will create the world's premier, high-technology, metals
application company."

    The boards of both companies have approved the merger agreement and the
tender offer. In addition, PCC plans to tender for the 8.0 percent senior notes
of Wyman-Gordon. The entire transaction will be financed at closing by a fully
underwritten credit facility.

    The Wyman-Gordon businesses will initially be operated as a separate PCC
business and will report to William McCormick. PCC will continue to use the
Wyman-Gordon name in connection with the forging business.

    Schroder & Co. Inc. is serving as financial advisor to Precision Castparts
Corp., and Goldman, Sachs & Co. is serving as financial advisor to
Wyman-Gordon.

    Precision Castparts Corp. is a worldwide manufacturer of complex metal
components and products.  Wyman-Gordon Company is a leader in forgings,
investment castings, and composite structures.

   Part of this news release contains forward-looking statements that involve
risks and uncertainties; actual results could differ materially from those
projected in the forward-looking statements. The risks and uncertainties are
detailed from time to time in the Precision Castparts Corp. and Wyman-Gordon
Company reports filed with the Securities and Exchange Commission, including but
not limited to both companies' 1998 annual reports and Form 10-Ks.

    This press release is available at no charge through PR Newswire's Company
On-Call fax service. To retrieve it, call (800) 758-5804, extension 714025.
Information is also available on the Internet at the PRN Web 
site--http://www.prnewswire.com.