Carpenter to Consolidate Specialty Wire Production to Wauseon, Ohio
August 31 2012 - 9:28AM
Business Wire
Carpenter Technology Corporation (NYSE:CRS) today announced that
it will relocate its Carpenter Specialty Wire Products (CSWP)
business from Orangeburg, South Carolina, to an advanced precision
wire manufacturing facility in Wauseon, Ohio. Carpenter acquired
the Wauseon plant as part of its acquisition of Latrobe Specialty
Metals earlier this year.
“The decision to exit CSWP was strategic and is based on our
philosophy to consolidate operations in order to maximize
efficiency,” said William A. Wulfsohn, President & CEO of
Carpenter Technology. “The consolidation is expected to reduce
operating costs – and, along with future investments, allow for
additional growth of premium precision wire products.”
The Wauseon plant, which is used to manufacture precision
stainless steel wire and other highly engineered steel wires,
recently underwent a $3 million expansion highlighted by the
addition of technologically advanced hydrogen atmosphere
furnaces.
The transition will take place over the next 12 to 15 months.
After the move, the Orangeburg facility will be closed. The
Orangeburg facility has been owned by Carpenter since 1984 when it
was purchased from AMAX Specialty Metal Corp.
About Carpenter Technology
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.
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, 2012, and the exhibits
attached to those filings. They include, but are not limited to,
statements regarding plans to relocate the Carpenter Specialty Wire
Products (CSWP) business from Orangeburg, SC, to a facility in
Wauseon, OH, and the ability to reduce operating costs and to allow
for additional growth of premium precision wire products. Carpenter
undertakes no obligation to update or revise any forward-looking
statements.
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