Carpenter Selects Alabama for New Superalloy Powder Facility
October 22 2013 - 8:30AM
Business Wire
Global Demand for Superalloy Powder Expected to Grow
Substantially
Carpenter Technology Corporation (NYSE:CRS) will build its new
superalloy powder facility in Alabama, directly across the street
from its nearly-completed $518 million ultra-premium product
manufacturing facility near Athens in Limestone County.
Today’s news comes three weeks after Carpenter announced a
multi-faceted agreement with United Technologies Corporation (UTC),
through its Pratt & Whitney Division, which includes licensing
technology associated with the production of superalloy powders and
a supply agreement for up to 20 years.
The superalloy powder facility is expected to begin production
in late 2015. Once the facility is qualified by Pratt & Whitney
following construction, Carpenter will supply Pratt & Whitney
with superalloy powder for use in aircraft engines. “The capital
cost of this project falls within the annual $120 million capital
spend guidelines that were previously outlined for the period
following the completion of the main Athens plant,” said Tony
Thene, Carpenter’s Chief Financial Officer.
“Alabama is proving to be an excellent region for us,” said
William A. Wulfsohn, Carpenter’s President & CEO. “There were
several reasons why we selected Athens two years ago, including the
location being ideal for future growth and expansion. We also
remain extremely impressed with our access to a strong pool of
skilled workers.”
Global demand for superalloy powder is expected to grow
substantially as aircraft engine operating temperatures continue to
increase as airlines pursue improvements in fuel efficiency.
Carpenter’s entrance into this market segment reflects its
confidence in superalloy powder demand for additional applications
such as those used in energy and additive manufacturing.
Timothy R. Armstrong, PhD, Vice President – Research &
Product Commercialization, will lead this new business which will
be part of Carpenter’s Performance Engineered Products segment.
With the addition of the new facility, Carpenter’s Athens
Operations is expected to employ 250 people by 2017.
About Carpenter Technology
Corporation
Carpenter Technology Corporation, 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, 2013, and the exhibits
attached to those filings. They also include, but are not limited
to, the ability to build a superalloy powder facility and the start
of production in late 2015, the qualification of that facility by
Pratt & Whitney, the ability to expand capacity with our Athens
Operations, the growth of global demand for superalloy powder as
aircraft engine temperatures increase, and the demand for
additional applications such as those used in energy and additive
manufacturing. Carpenter undertakes no obligation to update or
revise any forward-looking statements.
Carpenter Technology CorporationMedia Inquiries:William J.
Rudolph, Jr., 610-208-3892wrudolph@cartech.comorInvestor
Inquiries:Michael A. Hajost, 610-208-3476mhajost@cartech.com
Carpenter Technology (NYSE:CRS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Carpenter Technology (NYSE:CRS)
Historical Stock Chart
From Jul 2023 to Jul 2024