WYOMISSING, Pa.--(BUSINESS WIRE)--Nov. 9, 2012--
Carpenter Technology Corporation today announced an expanded long-term
marketing and supply agreement between its subsidiary, Carpenter Powder
Products (CPP), and strategic customer SB Specialty Metals LLC (SB). CPP
is the leading global producer of gas atomized powder metal (PM)
products serving a variety of industries and has facilities in
Pennsylvania, Rhode Island and Sweden. SB is the largest tool steel
distributor in the United States with 11 warehouse locations.
Under the expanded agreement, SB will purchase 100% of its requirements
for PM tool and high speed steels from CPP. The agreement will also
grant SB exclusive North American distribution rights to use the
Micro-Melt® trademark in marketing and selling its products directly
related to this deal.
“This type of long-term agreement demonstrates SB’s confidence in
Carpenter’s ability to provide the very best products in support of
their distribution business,” said Sanjay Guglani, Carpenter’s Vice
President – Performance Engineered Products. “Both Carpenter and CPP are
excited to play such an integral role in SB’s immediate and future
business plans,” he added.
“This agreement will extend the strong strategic relationship between SB
and CPP through 2030 and will provide accelerated growth opportunities
for both companies in this market area,” said Peter Gordon, President,
SB Specialty Metals LLC. “The strength of Carpenter’s powder making
capabilities, combined with SB’s expertise and experience in sales and
marketing of PM products, will prove to be a formidable combination.
This takes our strategic relationship with CPP to a new level.”
CPP has been working with SB Specialty Metals since SB’s formation in
Carpenter Technology, based in Wyomissing, PA, produces and distributes
specialty alloys, including stainless steels, titanium alloys and
superalloys, and various engineered products. Information about
Carpenter can be found at www.cartech.com.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations and are subject to risks, uncertainties and other factors
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, 2012 and the quarterly report on Form 10-Q for the quarter
ended September 30, 2012, and the exhibits attached to those filings.
They include, but are not limited to, statements regarding the future
business of Carpenter’s powder products subsidiary and its agreement
with SB Specialty Metals LLC. Carpenter undertakes no obligation to
update or revise any forward-looking statements.
Source: Carpenter Technology Corporation
Carpenter Technology Corporation
Rudolph, Jr., 610-208-3892
Michael A. Hajost, 610-208-3476