Carpenter Technology Corporation Relocating Corporate Headquarters
February 11 2016 - 11:00AM
Media Inquiries:
William J. Rudolph, Jr.
+1 610-208-3892
wrudolph@cartech.com
CARPENTER
TECHNOLOGY RELOCATING CORPORATE HEADQUARTERS
TO PHILADELPHIA
Manufacturing Plant and 2,300 Jobs Remain in Reading,
PA
WYOMISSING, PA - February 11,
2016 - Carpenter Technology Corporation (NYSE: CRS),
which produces and distributes premium alloys, including
special alloys, titanium alloys and powder metals, today announced
plans to relocate its corporate headquarters to Philadelphia from
Wyomissing, PA, a suburb of Reading, PA. The move supports
Carpenter's strategic plan to leverage its core technical strength
in engineered materials and process capabilities to solve
customers' current and anticipated challenges, while solidifying
its position as an industry leader by being the preferred solutions
provider. Carpenter is shifting its focus to apply product
and process capabilities that drive total value in a more
customer-centric and market-focused manner. This new
headquarters location will allow the company to deepen its customer
relationships and play a more integral role in the development of
its customers' products.
Carpenter anticipates that the new Philadelphia
location will ultimately be home to approximately 100 positions,
while nearly 2,300 Carpenter personnel will remain in Reading,
PA. The company noted that no planned job reductions are part
of the relocation, and the relocation is not expected to have any
material increase in overall expenses.
"Carpenter is positioning itself for continued
growth," said Tony R. Thene, Carpenter's President and Chief
Executive Officer. "As we have expanded our manufacturing
footprint and sales presence over the past decade, it has become
more important to raise our visibility, broaden our talent pool,
and improve access to our customers and partners. The Reading
manufacturing location remains crucial to the current operating
plan and the stated strategy going forward. We're proud of our 125
plus years in Reading, and we remain committed to Reading and to
the state of Pennsylvania, where Carpenter today employs more than
3,300 personnel."
For Carpenter:
-
Shifting corporate headquarters to Philadelphia
puts Carpenter where it needs to be to grow in today's specialty
metals environment. It provides better access to transportation,
customer markets, world-class universities, and increased
visibility with broader talent pools.
-
The move positions Carpenter's head office in a
major metropolitan market without incurring any material increased
expenses.
For Employees:
-
Nearly 2,300 manufacturing and non-manufacturing
jobs remain at the Reading campus, which is a crucial part of
Carpenter's overall growth strategy.
-
With precise numbers and timing yet to be
determined, Carpenter plans to establish a shared services facility
in Reading with a number of positions moving near the Reading
manufacturing facility from the current corporate location in
Wyomissing.
For Reading and Pennsylvania:
-
Carpenter's ranking as a top Reading employer
and its strong commitment to the Reading community remains
unchanged.
-
The selection of Philadelphia as its new
corporate headquarters signals Carpenter's recognition of this
major metro area's attractive climate for business and talent, and
Carpenter's belief in the dynamic role Pennsylvania plays in
today's specialty manufacturing sector.
-
Carpenter will remain an active, positive force
in Reading and is committed to building on its record of support
for the community and local organizations.
Carpenter is in the process
of reviewing office locations in Philadelphia appropriate to its
needs and growth objectives, with the goal of completing the move
in late 2016.
About Carpenter
Technology
Carpenter produces and
distributes premium alloys, including specialty alloys, titanium
alloys and powder metals, as well as stainless steels, alloy steels
and tool steels. Globally, Carpenter employs approximately 4,700
personnel. Information about Carpenter can be found at
http://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, 2015 and the quarterly reports on Form 10-Q for the quarters
ended September 30, 2015, December 31, 2015 and the exhibits
attached to those filings. They include, but are not limited to,
statements regarding the Company's headquarters relocation.
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#1985506
Carpenter Technology (NYSE:CRS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Carpenter Technology (NYSE:CRS)
Historical Stock Chart
From Apr 2023 to Apr 2024