Carpenter Technology to Build State-of-the-Art Manufacturing Plant in Alabama

Carpenter Technology Corporation (NYSE: CRS) has selected Limestone County, Alabama as the location to construct its new 400,000 square foot state-of-the-art manufacturing facility that was announced last August.

The facility is being built in response to strong customer demand for premium alloy products primarily in the fast-growing aerospace and energy industries. The new facility will ultimately be capable of producing approximately 27,000 tons per year of additional premium product and will be designed with modern technology and optimum product flow to meet customer requirements for reduced lead times.

The approximately 230-acre site is located near Athens, Alabama in the Huntsville Metropolitan Statistical Area. The flat, open tract of land is in an area that will allow relatively easy construction, flexibility for future growth and expansion, and access to a strong pool of skilled workers.

"The site selection process began with about 250 worldwide locations, and we narrowed it down to a dozen, including two Pennsylvania locations," said William A. Wulfsohn, President & CEO. "After further analyzing state, county and local incentives, utility costs, and labor resources, we felt Limestone County provided the best opportunity for us to expand our core business. The state of Alabama and local government entities put together a very compelling package including various tax initiatives, infrastructure grants, and training programs."

Carpenter's core business will be strengthened with increased premium capacity to support expanded long-term customer agreements. This initiative also enables Carpenter to support the increased demand related to the Latrobe (pending), Amega West, and Oilfield Alloys acquisitions. Finally, this expansion will support increased demand expected from the sales of new technologies which are planned to be commercialized over the coming years.

The facility is expected to be operational in about 30 months, and has a total cost of approximately $500 million including remelting, forging, and associated finishing and testing capabilities.

The acquisition of the new Alabama site is subject to various closing conditions.

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