Carpenter Technology Corporation develops, manufactures, and distributes cast/wrought and powder metal stainless steels and special alloys, including high temperature (iron-nickel-cobalt base), stainless, corrosion resistant, controlled expansion alloys, implantable alloys, tool and die steels, and other specialty metals, as well as cast/wrought titanium alloys. The company provides material solutions to the needs of the aerospace and defense, energy, transportation, medical and industrial and consumer industries. Segments The company has two segments, Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). The SAO segment includes alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe and surrounding areas in Pennsylvania, South Carolina and the new premium products manufacturing facility in Limestone County, Alabama. The PEP segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business and the Latrobe and Mexico distribution businesses. Products Classes of Products: The company’s major classes of products are as follows: Special alloys: The company’s special alloys are used in critical components, such as aerospace rings, discs and fasteners and include heat resistant alloys that range from slight modifications of stainless steels to complex nickel and cobalt base alloys, as well as alloys for electronic, magnetic and electrical applications with controlled thermal expansion characteristics, or high electrical resistivity or special magnetic characteristics. Stainless steels: The company’s stainless products include a range of corrosion resistant alloys, including conventional stainless steels and many proprietary grades for special applications. Titanium products: The company’s titanium products include corrosion resistant, highly specialized metal with a combination of high strength and low density. Most common uses are in aircraft fasteners, medical devices, sporting equipment and chemical and petroleum processing. Powder metals: The company’s powder metals include spherical gas atomized powders produced via air, vacuum or pressurized melting with Argon or Nitrogen Atomization in fine, medium and coarse powder distributions. Alloy and tool steel: The company’s alloy and tools steels are sold across a range of industries in long forms, as well as rounds, plates and sheets. Distribution and other: The company’s distribution sales represent sales of corrosion resistant steels, tool steels and powder metals for a range of industries. Seasonality Historically, the company’s sales in the first two quarters (the respective three months ending September 30 and December 31) are the lowest — principally because of annual plant vacation and maintenance shutdowns by the company, as well as by its customers. Research and Development The company’s research and development expenses included $18.5 million, as of June 30, 2014. History Carpenter Technology Corporation was founded in 1889. The company was incorporated in 1904.
(CRS:New York Consolidated)
2 Meridian Boulevard
Wyomissing, PA 19610
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