New Agreement Already Implemented as JVs Dissolve
WYOMISSING, Pa.--(BUSINESS WIRE)--Nov. 20, 2012--
Carpenter Technology Corporation (NYSE:CRS) and Sandvik Materials
Technology announced today that they will dissolve their two-year old
joint ventures – Powdermet AB in Surahammar, Sweden and Carpenter Powder
Products AB in Torshälla, Sweden. Instead, the two companies have agreed
that the growth of their respective powder metal businesses would be
better served in the form of a supply agreement, by which Carpenter will
supply Sandvik. Joint development activities within near-net shape (NNS)
will continue within the new set-up of cooperation.
In October 2010, Carpenter acquired a 40 percent interest in Sandvik
Powdermet AB, while Sandvik AB acquired a 40 percent interest in
Sweden-based Carpenter Powder Products (CPP) AB.
The two joint ventures will be fully dissolved by the end of the
calendar year.
About Carpenter Technology Corporation
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.
About Sandvik Materials Technology
Sandvik Materials Technology is a world-leading developer and
manufacturer of products in advanced stainless steels and special alloys
for the most demanding environments, as well as products and systems for
industrial heating.
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 quarterly report on Form 10-Q for the quarter
ended September 30, 2012, and the exhibits attached to those filings.
They include, but are not limited to, statements regarding the joint
venture with Sandvik Materials Technology. Carpenter undertakes
no obligation to update or revise any forward-looking statements.
Source: Carpenter Technology Corporation
Carpenter Technology Corporation
Media Inquiries:
William J.
Rudolph, Jr., 610-208-3892
wrudolph@cartech.com
or
Investor
Inquiries:
Michael A. Hajost, 610-208-3476
mhajost@cartech.com