Wyomissing, Pennsylvania-based Carpenter Technology Corporation, a producer and distributor of conventional and powder metal specialty alloys, announced Monday that it has entered into a definitive merger agreement to acquire specialty steel manufacturer Latrobe Specialty Metals, Inc.
"Our strategy is to grow through a combination of organic growth initiatives and acquisitions--with a focus on markets that value the technical sophistication of our products," said William A. Wulfsohn, President and Chief Executive Officer of Carpenter Technology. "The Latrobe acquisition will provide needed capacity to meet strong customer demand for our premium products, improves our position in attractive segments like aerospace and energy, provides capabilities that will help us commercialize important new product offerings, and offers us improved returns on new capability investments."
The acquisition agreement is valued at approximately $558 million and is expected to close by September 30, 2011.