Carpenter Technology Announces Expansion of Titanium Facility to Support Growing Aerospace Fastener Wire Demand
November 03 2010 - 10:42AM
Business Wire
Carpenter Technology Corporation (NYSE:CRS) today announced an
expansion of its Dynamet titanium wire and bar facility in
Clearwater, Florida. Dynamet, a wholly-owned subsidiary of
Carpenter Technology Corporation, is a leading producer of titanium
wire feedstock for the aerospace fastener industry.
“This investment will include construction of a new building and
installation of proprietary manufacturing facilities to produce
close tolerance, high performance wire for manufacturing titanium
aerospace fasteners,” said William Kent, Vice President, Dynamet
& CPP. “The capacity increase will address our customers’
increasing demand for titanium aerospace fastener wire, which is
projected to escalate with the introduction of new airframes and
the increase in wide-body aircraft production during the next
decade.”
The facility expansion is expected to cost in excess of $5M.
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
Statements in this news release which are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Act of 1995. These forward-looking statements
are subject to risk factors 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 exhibits attached to that filing. Further, factors
that could cause actual results to differ materially from
forward-looking statements include, but are not limited to, the
following: our ability to successfully complete the expansion of
our Dynamet titanium wire and bar facility in Clearwater, Florida,
our ability to increase capacity to address an increase in demand
from our customers for titanium aerospace fastener wire, compliance
with government regulations, changes in the competitive environment
or the effects of competition in our markets, and general economic
conditions affecting the industries we serve. 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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