Exhibit 10.18

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PCC – MEMORANDUM

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DATE:   February 24, 2005 TO:   Peter Waite FROM:   Mark Donegan SUBJECT:  
Change in Status

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Peter, I want to follow up on the conversations we have had over the past few
months about your proposed change in status. As I see it, here are the details
for your new responsibilities.

We are working to identify your successor at Airfoils. Your resignation as
President of Airfoils and an officer of PCC will become effective prior to the
end of the current fiscal year, at which time your successor will assume
responsibility for management of the Division. You will continue at your current
rate of pay through the end of June 2005 by which time you will have liquidated
your accrued vacation. Effective July 1, 2005 your compensation will change to
an annual salary rate of $250,000, paid twice monthly.

Following your resignation as President through June 6, 2009 (your normal
retirement date), you will be available to advise the Company in connection with
i) the transition to new leadership for PCC Airfoils, ii) operational matters of
a general nature and with respect to investment casting specifically and
iii) our evaluation of potential strategic and financial transactions. It is
anticipated that we will also request that you participate in external
activities and events for the benefit of the Company. I, or my designee, will
give you assignments from time to time during this period.

During your continued employment into 2009, you will not continue to accrue more
Years of Benefit Service under the SERP. I should also note that the change in
your employment arrangement does not constitute termination of employment under
the SERP.

In your new employment capacity, your classification for stock option purposes
will change and you may or may not be awarded additional options under the stock
option plan; existing options will vest in the ordinary course as long as your
employment status continues. Effective with your stepping down as President of
Airfoils, you will no longer be covered by the standard "Change of Control"
Agreement which you and PCC signed a number of years ago; nor will you continue
to participate in the Executive Bonus Plan. In terms of your general employment
status, you will remain an employee-at-will. Your participation in company
benefit plans will depend upon your employment status and the terms of the
individual plans and programs. Medical benefits will continue to be provided
under the Airfoils' plan subject to our right to substitute an alternative
program with substantially the same benefits if a substitution is appropriate.
We reserve the right to change any of the plans under which you may be covered
in the future in accordance with the terms of the individual plans. In addition,
changes in law may impact the benefits to which you are entitled in the future.

In exchange for continuing your at-will employment, you agree to a five-year
non-compete, commencing upon the end of your employment with FCC. In this
non-compete, you agree that you will not directly or indirectly own (as an asset
or equity owner, except for holdings of up to 5% of the equity shares of a
publicly traded company), manage, operate, join, control, or work as an
employee, officer, director, consultant, or independent contractor in any
business that engages in investment casting or sells the same or directly
related product or service lines offered for sale by PCC worldwide. You further
agree not to compete in such manner at any time during your remaining employment
with PCC. You agree that this five-year non-compete is supported by valuable
consideration, and that it is reasonable and not unduly restrictive in light of
your retirement goals; your possession of highly confidential and proprietary
information (including trade secrets and customer information) and the special,
unique and extraordinary services you have provided to Airfoils and PCC. You
agree that Ohio law governs this non-compete agreement and that you have had
sufficient time to consult your own legal counsel regarding this provision.

If the above is acceptable, please confirm by signing below.

UNDERSTOOD AND AGREED

/s/  PETER WAITE      

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Peter Waite    

Signed: February 24, 2005

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