BOSTON (Thomson Financial) - Carpenter Technology Corp. Friday confirmed it
has agreed to sell its ceramic operations to Morgan Crucible Co., a UK-based
advanced materials company.
Carpenter, a Reading, Pa.-based manufacturer of specialty metals and
engineered products said pretax proceeds from the sale will be about $147
million.
"As part of our continued efforts to further strengthen and grow our
nickel-based alloy and titanium businesses, we are divesting of these non-core
businesses," Carpenter Technology said.
The transaction is expected to be completed early in 2008.
Separately, Carpenter Technology said its board has approved a new share
repurchase program of up to $250 million of the company's outstanding common
shares.
The new share buyback plan is a follow-on to the company's current $250
million repurchase plan, the company said.
Shares of Carpenter Technology closed Friday at $70.97.
Casey Logan
cl/mb
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