NEW YORK Carpenter
Technology Corp. is looking to sell Latrobe Specialty Steel
Distribution (LSSD) and Mexican distributor Aceros Fortuna.
"LSSD and Aceros Fortuna are
well-managed, strong, profitable businesses with good employees
and solid growth prospects; however, distribution of tool and
alloy steel products is not part of our core focus of
manufacturing and selling specialty materials for the
aerospace, energy and other high-growth markets," president and
chief executive officer William Wulfsohn said in a
Wyomissing, Pa.-based Carpenter,
which is building a $500-million premium alloy facility in
Alabama (amm.com, April 5), said it will invest
proceeds from the sales into the companys premium product
LSSD distributes a range of tool
and alloy steels from six locations in the United States and
Canada, logging sales of $113 million in 2011. Aceros Fortuna
distributes alloyed, stainless and tool steels, specialty
alloys and industrial products in Mexico and Brazil, generating
sales of $42 million in fiscal 2012. Carpenter said that about
25 of Aceros Fortunas 275 employees in Mexico and South
America will stay with Carpenter to sell the companys
specialty alloy products.
Carpenter acquired LSSD with the
purchase of Latrobe Specialty Metals Inc. earlier this year
(amm.com, April 16), while it bought Aceros Fortuna in
Tool steel distributors
expressed concern about Latrobes tool steel distribution
business following the announcement of the sale to Carpenter
due to the companys focus on the premium alloy market
(amm.com, June 30, 2011).
LSSD is one of two domestic
distributors of Crucible Particle Metallurgy products
manufactured by Crucible Industries LLC, Solvay, N.Y.,
according to the companys website.
Crucible did not return a
request for comment on Carpenters announcement.