NEW YORK Specialty metals and stainless producer
Carpenter Technology Corp. and Sandvik Materials Technology, a
subsidiary of Swedish industrial conglomerate Sandvik AB, will
dissolve their Swedish powder metal joint ventures by the end
of the year.
The two companies have agreed that the growth of their
respective powder metal businesses would be better served in
the form of a supply agreement, by which Carpenter will supply
Sandvik, Carpenter said in a statement announcing the end
of the joint ventures.
Joint development activities in near-net-shape powder products
will continue under the new structure, Carpenter said.
The Wyomissing, Pa.-based company did not respond to a request
seeking further details on the new arrangement.
The joint ventures were established in October 2010 when
Carpenter acquired a 40-percent interest in Surahammar-based
Sandvik Powdermet AB and Sandvik acquired a 40-percent interest
in Torshälla-based Carpenter Powder Products AB (CPP).
CPP is a diversified manufacturer of high-alloy metal powder
products, focusing primarily on energy and industrial markets,
while Sandvik Powdermet specializes in the development,
manufacturing, sales and marketing of powder-based products
delivered in the form of near-net shapes, the companies said in
2010. At the time of the original agreement, CPP was one of
Sandviks main suppliers of high-alloy powder, the
Carpenter announced a $30-million expansion of CPP in September
last year (
amm.com, Sept. 14