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WYOMISSING, Pa., Sep 13, 2011 (BUSINESS WIRE) --
Carpenter Technology Corporation today announced a major expansion of its Carpenter Powder Products facility in Sweden (CPP AB). Located in Torshälla, CPP AB is a joint venture operation with Sandvik Materials Technology and is one of three powder metal manufacturing sites associated with Carpenter Powder Products (CPP), a subsidiary of Carpenter Technology Corporation.
CPP is the leading global producer of gas atomized powder metal products serving a variety of industries and has additional locations in Pennsylvania and Rhode Island.
"This investment will include construction of a new building, and installation of a melting and gas atomization unit with related powder handling equipment," said Per-Anders Lundh, Managing Director of CPP AB. "The new facility will more than double current capacity levels to address our customers' increasing demand for powder metal products. The unit will also feature proprietary technological advancements to provide for improved powder metal quality and mechanical property capabilities."
At an approximate cost of $30 million (200 MSEK), the facility expansion is scheduled for completion in early 2013. "Additional facility capacity investments are also under evaluation at our U.S. locations to support growing market demand for existing and new product offerings," according to William Kent, Vice President - CPP & Dynamet.
About Carpenter Technology
Carpenter produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys. Information about Carpenter can be found on the Internet at http://www.cartech.com.
Forward Looking Statements
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended June 30, 2010 and the quarterly reports on Form 10-Q for the quarters ended September 30, 2010 and December 31, 2010 and the exhibits attached to those filings. They include but are not limited to: 1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, industrial, automotive, consumer, medical, and energy, or other influences on Carpenter's business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; 2) the ability of Carpenter to achieve cost savings, productivity improvements or process changes; 3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; 4) domestic and foreign excess manufacturing capacity for certain metals; 5) fluctuations in currency exchange rates; 6) the degree of success of government trade actions; 7) the valuation of the assets and liabilities in Carpenter's pension trusts and the accounting for pension plans; 8) possible labor disputes or work stoppages; 9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; 10) the ability to successfully acquire and integrate acquisitions; 11) the availability of credit facilities to Carpenter, its customers or other members of the supply chain; 12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; 13) our manufacturing processes are dependent upon highly specialized equipment located primarily in one facility in Reading, Pennsylvania for which there may be limited alternatives if there are significant equipment failures or catastrophic event; and (14) our future success depends on the continued service and availability of key personnel, including members of our executive management team, management, metallurgists and other skilled personnel and the loss of these key personnel could affect our ability to perform until suitable replacements are found. Any of these factors could have an adverse and/or fluctuating effect on Carpenter's results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter undertakes no obligation to update or revise any forward-looking statements.
SOURCE: Carpenter Technology Corporation
Carpenter Technology Corporation
William J. Rudolph, Jr., 610-208-3892
Michael A. Hajost, 610-208-3476