Wyomissing, Pennsylvania-based Carpenter Technology Corporation, a producer and distributor of specialty steels, announced Tuesday that it has commenced a process to sell Latrobe Specialty Steel Distribution (LSSD) and its Mexican distribution business, Aceros Fortuna. Carpenter just acquired Latrobe in February of this year.
"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," said William A. Wulfsohn, President & CEO of Carpenter Technology.
Carpenter expects that proceeds from a sale will be reinvested in Carpenter's premium product businesses. Carpenter will continue to service sales of its special alloy products in Mexico and South America through the retention of selected warehouses and employees.