Carpenter Completes Divestiture of Ceramics Businesses
April 01 2008 - 7:00AM
Business Wire
Carpenter Technology Corporation (NYSE:CRS), today announced
completion of the sale of its ceramics businesses, Certech and
Carpenter Advanced Ceramics, to the Morgan Crucible Company plc.
The sale of the businesses occurred on March 31, 2008 and concluded
the transaction previously announced December 21, 2007. The
businesses were sold on a cash and debt-free basis for
approximately $145 million. Carpenter Technology produces and
distributes specialty alloys, including stainless steels, titanium
alloys and superalloys, and various engineered products. Detailed
information about Carpenter Technology can be accessed at our
website: www.cartech.com. 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, 2007, its subsequent Form
10-Q, 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
including power generation, or other influences on Carpenter�s
business such as new competitors, the consolidation of 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 and raw
materials 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 ability of Carpenter to implement and manage
material capital expansion projects in a timely and efficient
manner; and (12) the pending sale of its ceramics operations. 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.
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