Carpenter Technology Raises Prices on All Specialty Stainless, High Temperature and Electronic Alloys
May 03 2010 - 4:45PM
Business Wire
Carpenter Technology Corporation (NYSE: CRS) today announced
that it will increase base prices an average of 5 percent on all
specialty stainless, high temperature and electronic alloys in all
product forms. The increases will be effective for orders placed on
or after May 1, 2010 and are due to inflationary pressures and
higher demand for its products. Additionally, Carpenter said all
applicable surcharges will remain in effect.
Carpenter produces and distributes specialty alloys, including
stainless steels, titanium alloys, and superalloys. Information
about Carpenter can be found on the Internet at
http://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, 2009 and the quarterly
reports on Form 10-Q for the quarters ended September 30, 2009 and
December 31, 2009, 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.
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