Orangeburg, S.C. Facility to Close Within 12-15 Months
WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 31, 2012--
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.
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