Carpenter Enters Aerospace Superalloy Powder Market
June 15 2015 - 1:00AM
Media Inquiries
William J. Rudolph, Jr.
(610) 208
-3892
wrudolph@cartech.com
Investor Inquiries:
Michael A. Hajost
(610) 208-3476
mhajost@cartech.com
Carpenter
Enters Aerospace Superalloy Powder Market
Operations in Alabama to Begin Next Quarter as
Part of Multi-Level Agreement with UTC
WYOMISSING, Pa. (June 15, 2015) - Carpenter Technology Corporation
(NYSE:CRS) remains confident that operations will begin soon
at its new superalloy powder facility in Alabama as part of a
multi-level agreement with United Technologies Corporation's (UTC)
Pratt & Whitney Division. The agreement with UTC was signed in
October 2013, and includes Carpenter supplying Pratt & Whitney
with superalloy powder for up to 20 years once qualifications are
satisfied.
Gregory A. Pratt, Carpenter's Chairman, President
and Chief Executive Officer stated: "We're extremely excited to
produce an aerospace superalloy powder with demand volumes directly
linked to the move by engine manufacturers to develop better
fuel-efficient engines. Carpenter is also optimistic that demand
for superalloy powder will begin to grow in other key markets we
serve."
As part of the agreement, UTC's aerospace business
units (Pratt & Whitney, Pratt & Whitney Canada Corp., UTC
Aerospace Systems and Sikorsky Aircraft Corporation) have agreed to
purchase alloy steel bar/billet, nickel superalloy billet,
stainless bar/billet, and strip laminate products from Carpenter
for a period of ten years. Carpenter currently supplies UTC's
aerospace businesses with a portion of their overall demand for
nickel, stainless, and strip laminate products.
Pratt added, "Our relationship with UTC has
allowed us to expand our position as a key supplier in the
fast-growing aerospace market. With the recent opening of our
technologically advanced lean manufacturing facility in Alabama,
which is adjacent to the superalloy powder facility, our ability to
supply ultra-premium products for the aerospace market has never
been better."
Carpenter's aerospace capabilities will be on
display at the International Paris Air Show (Hall 5, Booth E-232)
beginning Monday, June 15.
Learn about our aerospace capabilities and the new
Alabama facility at www.cartech.com/aerospace.
###
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, 2014, Form 10-Q for the
quarters ended September 30, 2014, December 31, 2014, and March 31,
2015, and the exhibits attached to those filings. They
include, but are not limited to, statements regarding the ability
to operate the new superalloy powder facility and the start of
production in the facility, the qualification of that facility by
Pratt & Whitney and other customers, the ability to supply
Pratt & Whitney and other customers with superalloy powder, the
growth of demand for superalloy powder, and the ability to supply
products to UTC's aerospace business units and
the aerospace market. Carpenter undertakes no obligation to update or
revise any forward-looking statements. The forward-looking
statements in this document are intended to be subject to the safe
harbor protection provided by Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Carpenter undertakes no obligation to
update or revise any forward-looking statements.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Carpenter Technology Corp. via Globenewswire
HUG#1928265
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