Reading Based Carpenter Technology Poised To Buy Second Company This Year

Berks County’s fifth-largest employer (2009), Carpenter Technology Corp., announced their $558 million agreement to buy Latrobe Specialty Steel Company.  Latrobe Specialty Steel Company manufactures and distributes high-performance materials for aerospace, defense, energy, and other significant applications with manufacturing operations in Pennsylvania, Ohio, Texas, the United Kingdom and seven distribution centers throughout the United States.  In January, Carpenter purchased Amega West Services, LLC, a Houston-based directional drilling component manufacturer and service provider for $54 million.

Latrobe Specialty Steel is headquartered in Latrobe, PA.  Latrobe is 47 miles east of downtown Pittsburgh in Westmoreland County.  The company has been in business since 1913 (Latrobe Electric Steel Company) and employs about 800 people at its various locations.  Latrobe was formerly home to the Latrobe Brewing Company (Rolling Rock beer), golf legend Arnold Palmer and Fred Rogers of Mister Rogers’ Neighborhood fame (Won’t You Be My Neighbor).  Latrobe’s airport is named after Arnold Palmer, who was a pilot.

Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys.  The company is strengthening its place in the specialty steel market and expanding their services into other compatible manufacturing areas.  Carpenter Technology, headquartered in Spring Township just outside Reading, PA, is an important player in the economy of Berks County.

Carpenter Technology Corp. is traded on the NYSE as CRS and the company website is http://www.cartech.com/