Carpenter Technology Enters into Agreements on Former Dana Property
February 24 2012 - 4:40PM
Business Wire
Carpenter Technology Corporation (NYSE: CRS) announced today
that it has entered into contractual agreements with Reading
Industrial Complex that gives Carpenter the ability to purchase
approximately 50 acres of land, including four buildings, on the
former site of Dana Corporation’s Reading operations for a total
consideration of approximately $6 million.
The site is located at W. Robeson and Weiser Streets, adjacent
to Carpenter’s East Shore property. The vast majority of the
property is land. There are four existing buildings on the site
with overall square footage exceeding 355,000 square feet. The two
largest buildings are 174,311 sq. ft and 122,914 sq. ft. The
remaining land (approximately 40 acres) provides opportunity for
future growth. As Carpenter prepares to develop the property, much
emphasis will be placed on improved plant flow and continued
investment in current capabilities.
Today’s announcement reinforces Carpenter’s ongoing commitment
to the City of Reading and Reading manufacturing operations.
Current Reading-based investment projects total approximately $125
million.
About Carpenter
Technology
Carpenter Technology produces and distributes conventional and
powder metal specialty alloys, including stainless steels, titanium
alloys, tool steels, and superalloys. Information about Carpenter
can be found at www.cartech.com.
Forward-Looking Statements
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, 2011 and the quarterly
reports on Form 10-Q for the quarters ended September 30, 2011,
December 31, 2011 and the exhibits attached to those filings. They
include, but are not limited to, statements regarding announced
base price increases. Carpenter undertakes no obligation to update
or revise any forward-looking statements.
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