Carpenter selling ceramics business for $147M
Dec 21, 2007 | 07:47 AM
| Maria Guzzo
Carpenter Technology Corp., Wyomissing, Pa., has agreed to sell its ceramics business for $147 million in a bid to focus on global markets for its high-performing specialty alloy products, Anne Stevens, Carpenter's chairman, president and chief executive officer, said.
Morgan Crucible Co. Plc, a Berkshire, England-based advanced materials company, will acquire the business, comprising Certech and Carpenter Advanced Ceramics.
"As part of our continued efforts to further strengthen and grow our nickel-based alloy and titanium businesses, we are divesting these non-core businesses," Stevens said. "Although our ceramics businesses are strong, they are not a priority for long-term growth at Carpenter and add complexity to our operations."....
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