Carpenter Technology Announces Completion of Repairs on Press at Reading, PA Facility

Rhea-AI Summary

Carpenter Technology Corporation (NYSE: CRS) has announced the successful return to service of its 4500 ton press in Reading, PA, which had been offline since December 2021. The press is crucial for producing aerospace materials. Repairs were completed on schedule, allowing the company to address customer demands in the recovering aerospace supply chain. Carpenter Technology is optimistic about its ability to leverage this operational capacity to grow in diversified markets.

Positive

• 4500 ton press repairs completed on schedule, enhancing production capacity.
• Positioned to meet increasing customer demand in the recovering aerospace market.

Negative

• None.

PHILADELPHIA, March 03, 2022 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced its 4500 ton press at its Reading, PA facility is back in service. The Company previously announced the unplanned outage of this press in December 2021.

“The Reading press is a piece of highly specialized equipment that is critical to producing materials for Aerospace and select other end-market applications. Our teams, through careful planning and focused execution, completed the necessary repairs within our target timeline,” said Tony R. Thene, President and CEO. “In addition, while making the necessary repairs, we pulled forward some of the normal recurring maintenance activities that would have been necessary later this year.

“With the repairs behind us, we can focus on satisfying customer demand in the Aerospace supply chain, where a broad-based recovery continues to take shape. Over the coming quarters and years, Carpenter Technology is uniquely positioned to capitalize on growth across our diversified solutions portfolio in attractive end use markets combined with leading operational capacity and capabilities.”

About Carpenter Technology

Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, transportation, energy, industrial, medical, and consumer electronics markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter Technology has expanded its AM capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production. More information about Carpenter Technology can be found at www.carpentertechnology.com.

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2021 and Form 10-Q for the quarters ended September 30, 2021 and December 31, 2021 and the exhibits attached to those filings. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, transportation, energy, industrial and consumer, or other influences on Carpenter Technology’s business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter Technology to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange rates; (6) the effect of government trade actions; (7) the valuation of the assets and liabilities in Carpenter Technology’s pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter Technology’s manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) uncertainty regarding the return to service of the Boeing 737 MAX aircraft and the related supply chain disruption; (17) potential impacts of the COVID-19 pandemic on our operations, financial results and financial position; (18) our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter in place orders and business closures, and the related impact on resource allocations and manufacturing and supply chains; (19) our status as a “critical”, “essential” or “life-sustaining” business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; (20) our ability to execute our business continuity, operational, budget and fiscal plans in light of the COVID-19 pandemic; (21) our ability to successfully carry out restructuring and business exit activities on the expected terms and timelines. and (22) our ability to successfully complete equipment repair activities on the expected terms and timelines. Any of these factors could have an adverse and/or fluctuating effect on Carpenter Technology’s results of operations. 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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements.

Media Inquiries:                                                                Heather Beardsley                                                                 +1 610-208-2278                                                                 hbeardsley@cartech.com

Investor Inquiries: The Plunkett Group Brad Edwards +1 914-582-4187 brad@theplunkettgroup.com

FAQ

What recent operational developments occurred at Carpenter Technology (CRS)?

Carpenter Technology announced the return to service of its 4500 ton press, which was previously down since December 2021.

How does the press repair impact Carpenter Technology's stock (CRS)?

The repair is expected to enhance production capacity and allow Carpenter Technology to better meet demand in the aerospace market, potentially benefiting its stock performance.

When was the press outage at Carpenter Technology (CRS) reported?

The unplanned outage of the 4500 ton press was initially reported in December 2021.