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{{Short description|American manufacturer}}
{{Infobox company
{{Infobox company
| name = Carpenter Technology Corporation
| name = Carpenter Technology Corporation
| logo = Carpenter Technology Logo.png
| logo = Carpenter Technology.png
| logo_size = 240px
| logo_size = 240px
| type = [[Public company]]
| type = [[Public company]]
| traded_as = {{NYSE|CRS}}<br>[[S&P 400]] component
| traded_as = {{New York Stock Exchange|CRS}}<br>[[List of S&P 600 companies|S&P 600]] component
| industry = [[Metal]]
| industry = [[Metal]]
| foundation = {{Start date and age|June 1, 1889}}
| foundation = {{start date and age|1889}} in [[Reading, Pennsylvania]]
| founder = [[James Henry Carpenter]]
| founder = [[James Henry Carpenter]]
| hq_location = [[Philadelphia]], Pennsylvania, United States
| hq_location = [[Philadelphia]], United States
| key_people = {{nowrap | Tony R. Thene, [[President (corporate title)|President]] & [[CEO]]<ref name=10K>[https://www.sec.gov/Archives/edgar/data/17843/000001784316000094/crs630201610k.htm Carpenter Technology Corporation 2016 Form 10-K Annual Report]</ref>}}
| key_people = Tony R. Thene, [[President (corporate title)|President]] & [[CEO]]
| production = 242,560,000 pounds sold (2016)<ref name=10K/>
| production = {{decrease}} 221.784 million lb (FY20)
| revenue = {{decrease}} $1.813 billion (2016)<ref name=10K/>
| revenue = {{decrease}} $2.181 billion (FY20)
| net_income = {{decrease}} $0.001 billion (2016)<ref name=10K/>
| net_income = {{decrease}} $1.5 million (FY20)
| assets = {{decrease}} $2.794 billion (2016)<ref name=10K/>
| assets = {{increase}} $3.227 billion (FY20)
| equity = {{decrease}} $1.104 billion (2016)<ref name=10K/>
| equity = {{decrease}} $1.446 billion (FY20)
| num_employees = 4,500 (June 30, 2016)<ref name=10K/>
| num_employees = {{decrease}} 4,600 (June 30, 2020)
| homepage = {{url|http://www.cartech.com/}}
| homepage = {{URL|http://www.carpentertechnology.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://ir.carpentertechnology.com/static-files/82cd292c-692e-49ec-ad2c-fef80b6143d4 | title=Carpenter Technology Corporation 2020 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]] | access-date=2019-10-13 | archive-date=2021-04-16 | archive-url=https://web.archive.org/web/20210416173406/https://ir.carpentertechnology.com/static-files/82cd292c-692e-49ec-ad2c-fef80b6143d4 | url-status=dead }}</ref>
}}
}}


'''Carpenter Technology Corporation''' develops, manufactures and distributes [[stainless steel]]s and special [[corrosion]]-resistant [[alloy]]s, primarily for use in the aerospace, industrial, energy, transportation, and medical industries.<ref name=10K/>
'''Carpenter Technology Corporation''' develops, manufactures, and distributes [[stainless steel]]s and [[corrosion]]-resistant [[alloy]]s. In fiscal year 2018, the company's revenues were derived from the [[aerospace]] and defense industry (55%), the industrial and consumer industry (17%), the medical industry (8%), the transportation industry (7%), the energy industry (7%), and the distribution industry (6%).<ref name=10K/> The company's products are used in [[landing gear]], [[shaft collar]]s, [[safety wire]]s, [[electricity generation]] products, [[intervertebral disc arthroplasty]], and engine valves and weldings.


==History==
==Current operations==
The company was founded by [[James Henry Carpenter]] and a small group of New York City investors in [[Reading, Pennsylvania]] on June 7, 1889, as the Carpenter Steel Company.<ref name=reputation>{{cite news | url=https://www.readingeagle.com/news/article/history-book-carpenter-steel-gains-global-reputation | title=History Book: Carpenter Steel gains global reputation | first=RON | last=DEVLIN | work=[[Reading Eagle]] | date=February 13, 2018}}</ref>
The company's revenues in fiscal year 2016 were derived from the following industries:<ref name=10K/>


In November 1896, the [[United States Secretary of the Navy]] referred to the company's armor-piercing projectiles as "the first made that would pierce improved armor plate." The routing of the Spanish fleet in the [[Battle of Manila Bay]] during the [[Spanish–American War]] of 1898 was credited in part to projectiles made by Carpenter.<ref name=reputation/>
{| class="wikitable sortable"
|-
! scope="col" | Industry
! scope="col" | % of 2016 total sales
! scope="col" | Product names


In 1903, Carpenter's "special" steels were used in the engine of the [[Wright brothers]]' maiden flight.<ref name=fu>{{cite web | url=http://www.fundinguniverse.com/company-histories/carpenter-technology-corporation-history/ | title=FundingUniverse: Carpenter Technology Corporation History}}</ref>
|-
| Aerospace and defense
| 54%
| Hiperco alloys (avionics), Pyromet alloys (pylon and fuselage fasteners, engine components), Custom 465 stainless (flap and slat track, landing gear components) and AerMet alloys (landing gear)


In 1905, the company developed a prime grade chrome-nickel steel and by 1908 it had created 10 other steels that were used to make automobile chassis. "Old 16", the race car that won the [[Vanderbilt Cup]] in 1908, included front and rear [[axle]]s, [[crankshaft]], [[gear]]s, and other parts fabricated from Carpenter steel.<ref name=125years>{{cite news | url=https://www.readingeagle.com/business-weekly/article/125-years-at-carpenter | title=125 years at Carpenter | work=[[Reading Eagle]] | date=December 29, 2014}}</ref>
|-
| Industrial and consumer
| 17%
| Valves and weldings, automotive with fuel injectors, engine valves


In 1917, the company manufactured its first high-strength, chemical-resistant [[stainless steel]], which was immediately used in airplane engine components, cutlery, and [[spark plug]]s.<ref name=125years/>
|-
| Transportation
| 8%
|
|-
| Energy
| 7%
| Drill collars, safety cables, power generation products (disks, shafts, turbine blades)


Components of the engine of the "[[Spirit of St. Louis]]", [[Charles Lindbergh]]'s plane that flew across the Atlantic Ocean in May 1927, were made from Carpenter steel. An identical engine had powered [[Richard E. Byrd]]'s flight to the [[North Pole]] in 1926.<ref name=fu/>
|-
| Medical
| 7%
| BioDur alloys (fracture fixation), and Micro-Melt powder alloys (artificial disks and implants)


In 1928, the company introduced the first [[free machining steel]]. It was 0.15% [[sulfur]] to make it easier to machine.<ref name=125years/><ref name=history>{{cite book | url=https://books.google.com/books?id=E30rCBeM8nkC | title=The History of Stainless Steel | first=Harold M. | last=Cobb | publisher=[[ASM International (society)|ASM]] | year=2010| isbn=9781615030118 }}</ref>
|-
| Distribution
| 7%
|
|}


In 1929, the [[Pierce-Arrow Motor Car Company]] used 24 pounds of stainless steel as trim on each of its cars.<ref name=history/>
==History==
The company was founded by [[James Henry Carpenter]] and a small group of New York City investors on June 1, 1889 as the Carpenter Steel Company. He envisioned methods to improve the process of [[steelmaking]].<ref name=FundingUniverse>[http://www.fundinguniverse.com/company-histories/carpenter-technology-corporation-history/ FundingUniverse: Carpenter Technology Corporation History]</ref>


In 1934, during the [[Great Depression]], the company introduced new stainless steels with additives of selenium, tellurium, and chrome and nickel.<ref name=history/>
In May 1890, the company received a contract from the [[United States Secretary of the Navy]] to develop armor-piercing projectiles. James Carpenter had received a patent for an "air-hardening steel" manufacturing process. In November 1896, the Navy referred to the company's projectiles as "the first made that would pierce improved armor plate." In the Spanish–American War of 1898, the routing of the Spanish fleet at Manila Bay was credited in part to projectiles made by Carpenter.<ref name=FundingUniverse/>


During [[World War II]], the company's stainless steel was used in engine parts, steel fasteners, and cockpit instruments for fighter planes and bombers; components of Sherman tanks and submarines; radio masts for PT boats and radio equipment for battle fronts; and medical supplies such as hypodermic needles and surgical implements.<ref name="fu" />
The burgeoning automobile industry of the early 20th century led to several advancements at the company. In 1905, the company developed a prime grade chrome-nickel steel and by 1908 it had created ten other steels that were used to make automobile chassis. Most of the "runabout" vehicles of the day ran on Carpenter steel, and "Old 16," the race car that won the [[Vanderbilt Cup]] in 1908, comprised front and rear [[axle]]s, [[crankshaft]], [[gear]]s, and other parts fabricated from Carpenter steel.<ref name=FundingUniverse/>


In 1951, the company introduced "Stainless 20," a corrosion-resistant alloy.<ref>{{cite web |title=The Origin of Alloy 20 |url=https://www.rolledalloys.com/technical-resources/blog/the-origin-of-alloy-20 |work=Rolled Alloys}}</ref>
In 1903, Carpenter's "special" steels were used in the engine of the [[Wright brothers]]' maiden flight.<ref name=FundingUniverse/>


=== Structure ===
After the United States entered [[World War I]], munitions and supplies became the company's top product.The Reading plant operated on 24-hour shifts, producing everything from tool steels to soldiers' safety razor blades.During the war, the company put into operation 4 new [[electric-arc furnace]]s, which allowed greater control over the melting process than the old crucible furnaces. In December 1917, the company manufactured its first high-strength, chemical-resistant [[stainless steel]] which was immediately used in airplane engine components, cutlery, and [[spark plug]]s.<ref name=FundingUniverse/>
In June 1937, Carpenter Steel Company became a [[public company]] via an [[initial public offering]].<ref name=fu/>


=== Ownership and acquisitions ===
In December 1920, Carpenter unveiled its "rustless steel," an alloy of 0.3% carbon, 20% chromium, and 1% copper. In 1927, Carpenter's Welded Alloy Tube Division became the earliest commercial supplier of stainless tubing, with applications in chemical processing, oil refining, generation of electricity, and food and beverage processing. In 1928, it introduced the first [[Free machining steel|free-machining]], "antifriction" stainless steel, due to use of [[sulfur]]. In 1929, the company produced 24 pounds of automotive trim on each Pierce Arrow car.<ref name=FundingUniverse/>
In 1957, after Northeastern Steel filed [[bankruptcy]], it was acquired by Carpenter.<ref name=history/>


In 1961, the company acquired NTH Products of El Cajon, California.<ref>{{cite news | url=https://www.newspapers.com/newspage/60669929/ | title=Carpenter | work=[[Connecticut Post]] | date=July 7, 1961}}</ref>
The gears, shafts, and fasteners of the engine of the "[[Spirit of St. Louis]]," [[Charles Lindbergh]]'s legendary plane that flew across the Atlantic Ocean in May 1927, were all made from Carpenter steel. An identical engine had powered [[Richard E. Byrd]]'s flight to the [[North Pole]] in 1926.<ref name=FundingUniverse/>


In 1968, the company changed its name to Carpenter Technology Corporation to reflect its research and development initiatives.<ref name=10K/>
Although the company operated at a loss during the [[Great Depression]], the company introduced new stainless steels with additives of selenium, tellurium, and chrome and nickel and began licensing other manufacturers to produce some of its stainless steels.<ref name=FundingUniverse/>


In 1969, the company acquired Gardner Cryogenics, but sued its former shareholders a year later after finding irregularities.<ref>{{cite news | url=https://www.nytimes.com/1970/06/30/archives/in-accord-with-rca-companies-take-merger-actions.html | title=In Accord With RCA | work=[[The New York Times]] | date=June 30, 1970}}</ref> The company was sold a few years later.
In June 1937, Carpenter Steel Company became a [[public company]] via an [[initial public offering]].<ref name=FundingUniverse/>


In May 1983, the company acquired Eagle Precision Metals of Fryeburg, Maine, a precision drilling facility that produced high quality hollow steel bars.<ref>{{cite book | url=https://books.google.com/books?id=ndYPAQAAMAAJ&q=%22Eagle+Precision+Metals%22 | title=Mergent Industrial Manual | publisher=[[Mergent, Inc.]] | year=2001}}</ref>
In March 1941, with U.S. entrance into [[World War II]] looking increasingly probable, the U.S. Office of Production Management summoned Carpenter's president to Washington, D.C., to discuss expanding the company's production capacity on urgently. Carpenter's board of directors voted to immediately implement a capital investment program of nearly $1 million. During the war, the company's stainless steel was used in engine parts, steel fasteners, and cockpit instruments for fighter planes and bombers; components of Sherman tanks and submarines; radio masts for PT boats and radio equipment for battle fronts; and medical supplies such as hypodermic needles and surgical implements.<ref name=FundingUniverse/>


In 1984, the company acquired a wire-finishing plant, capable of redrawing steel wire to extremely fine sizes from AMAX Specialty Metals of Orangeburg, South Carolina. The plant was closed in 2012.<ref>{{cite news | url=https://thetandd.com/business/carpenter-technology-closing-orangeburg-plant-jobs-lost/article_950f3a88-f3f8-11e1-b6f0-0019bb2963f4.html | title=Carpenter Technology closing Orangeburg plant; 26 jobs lost | work=[[The Times and Democrat]] | date=September 1, 2012}}</ref>
During the 1950s, Carpenter introduced "Stainless 20," an alloy which by virtue of rare earth element additives could withstand harsh, corrosive chemicals. In 1951, Carpenter bought a wire redrawing plant in New Jersey, which produced fine wire for applications such as surgical sutures and knitting machines. In 1954, the company added a new mill in Reading which allowed Carpenter to become extremely competitive in the manufacture of specialty alloy wire. After the company had to turn down orders due to not having enough capacity, Carpenter acquired Northeastern Steel Corporation in Bridgeport, Connecticut, enabling a 100% increase in the production of ingots.<ref name=FundingUniverse/>


In January 1997, Carpenter acquired Dynamet, a titanium alloy producer based in Washington, Pennsylvania, for $161 million.<ref>{{cite news |date=January 8, 1997 |title=Carpenter Technology to Acquire Dynamet |work=[[The New York Times]] |agency=[[Reuters]] |url=https://www.nytimes.com/1997/01/08/business/carpenter-technolgy-to-acquire-dynamet.html}}</ref>
The company made the following acquisitions in the 1960s: NTH Products, Inc., of El Cajon, California, in 1961; a 50 percent share in Gardner Cryogenics Corporation, Bethlehem, Pennsylvania, in 1969; and a 50 percent share in Titanium Technology Corporation, Pomona, California, also in 1969. In 1967, the company opened a new research and development center. In 1968, the company changed its name to Carpenter Technology Corporation to reflect its research and development initiatives.<ref name=FundingUniverse/>


In September 1997, the company acquired Talley Industries for $185 million.<ref>{{cite news |date=September 27, 1997 |title=CARPENTER TECHNOLOGY TO ACQUIRE TALLEY INDUSTRIES |work=[[The New York Times]] |agency=[[Dow Jones & Company]] |url=https://www.nytimes.com/1997/09/27/business/company-news-carpenter-technology-to-acquire-talley-industries.html}}</ref>
In the 1970s, Carpenter sold the New Jersey wire redrawing plant, Titanium Technology Corporation, Gardner Cryogenics, and affiliates in Brazil and Mexico.<ref name=FundingUniverse/> According to Howard O. Beaver, Jr., who was then president, the divested enterprises "did not fit Carpenter's long-range goals and objectives".<ref name=FundingUniverse/>


In July 1998, the company sold John J. McMullen Associates and Waterbury Companies.<ref>{{cite news |date=July 1, 1998 |title=CARPENTER TECHNOLOGY SELLING TALLEY BUSINESSES |work=[[The New York Times]] |agency=[[Bloomberg News]] |url=https://www.nytimes.com/1998/07/01/business/company-news-carpenter-technology-selling-talley-businesses.html}}</ref>
In the 1980s, Carpenter acquired Eagle Precision Metals Corporation of Fryeburg, Maine, a precision drilling facility that produced high quality hollow steel bars, and AMAX Specialty Metals Corporation of Orangeburg, South Carolina, a wire-finishing plant, capable of redrawing steel wire to extremely fine sizes.<ref name=FundingUniverse/>


In October 1998, the company announced a $113.6 million investment to expand its Reading, Pennsylvania melt shop.<ref>{{cite news |date=October 28, 1998 |title=CARPENTER TECHNOLOGY TO EXPAND PLANT CAPACITY |work=[[The New York Times]] |agency=[[Bloomberg News]] |url=https://www.nytimes.com/1998/10/28/business/company-news-carpenter-technology-to-expand-plant-capacity.html}}</ref>
In September 1986, 498 employees of the company participated in a [[strike action]].<ref>{{cite news | url=https://www.nytimes.com/1986/09/02/nyregion/the-region-498-steelworkers-walk-off-jobs.html | title=498 Steelworkers Walk Off Jobs | work=[[Associated Press]] | publisher=[[The New York Times]] | date=September 2, 1986}}</ref> The strike ended in December 1986.<ref>{{cite news | url=https://www.nytimes.com/1986/12/15/nyregion/metro-datelines-steelworkers-reach-accord-to-end-strike.html | title=Steelworkers Reach Accord to End Strike | work=[[Associated Press]] | publisher=[[The New York Times]] | date=December 15, 1986}}</ref>


In January 2011, the company acquired Amega West Services for $54 million, which expanded its business in the oil and gas drilling market.<ref>{{cite press release |url=https://www.businesswire.com/news/home/20110103005434/en/Carpenter-Technology-Announces-Acquisition-Amega-West-Services |title=Carpenter Technology Announces Acquisition of Amega West Services, LLC – Expands Reach in the Oil & Gas Market |publisher=[[Business Wire]] |date=January 3, 2011}}</ref>
Carpenter received a [[patent]] in 1992 for super-strong [[Aermet]] alloy, first used for the [[landing gear]] on [[aircraft carrier]]-based jet fighters. AerMet 100 was named one of the top material advances of the decade by the National Association for Science, Technology and Society.


In February 2012, the company purchased the former [[Dana Incorporated]] industrial site for about $6 million.<ref>{{cite news |last=Miller |first=Karen L. |date=February 25, 2012 |title=Carpenter buys former Dana site |work=[[Reading Eagle]] |url=http://www2.readingeagle.com/article.aspx?id=367183}}</ref>
In 1993, Carpenter developed the Carpenter CTS family of 14 alloys to assist knife blade designers in alloy selection.<ref>[https://www.google.com/patents/US5370750 Corrosion resistant, martensitic steel alloy Patent US 5370750 A]</ref>


=== Strike ===
In January 1997, Carpenter acquired Dynamet a titanium alloy producer based in Washington, Pennsylvania, for $161 million.<ref>{{cite news | url=https://www.nytimes.com/1997/01/08/business/carpenter-technolgy-to-acquire-dynamet.html | title=Carpenter Technology to Acquire Dynamet | work=[[Reuters]] | publisher=[[The New York Times]] | date=January 8, 1997}}</ref>
In September 1986, 498 employees of the company participated in a [[strike action]].<ref>{{cite news | url=https://www.nytimes.com/1986/09/02/nyregion/the-region-498-steelworkers-walk-off-jobs.html | title=498 Steelworkers Walk Off Jobs | agency=[[Associated Press]] | work=[[The New York Times]] | date=September 2, 1986}}</ref> The strike ended in December 1986.<ref>{{cite news | url=https://www.nytimes.com/1986/12/15/nyregion/metro-datelines-steelworkers-reach-accord-to-end-strike.html | title=Steelworkers Reach Accord to End Strike | agency=[[Associated Press]] | work=[[The New York Times]] | date=December 15, 1986}}</ref>


=== Patent ===
In September 1997, the company acquired Talley Industries for $185 million.<ref>{{cite news | url=https://www.nytimes.com/1997/09/27/business/company-news-carpenter-technology-to-acquire-talley-industries.html | title=CARPENTER TECHNOLOGY TO ACQUIRE TALLEY INDUSTRIES | work=[[Dow Jones & Company]] | publisher=[[The New York Times]] | date=September 27, 1997}}</ref>
In February 1992, the company received a [[patent]] for a super-strong [[Aermet]] alloy, first used for the [[landing gear]] on [[aircraft carrier]]-based jet fighters.<ref>{{cite web | url=https://apps.dtic.mil/dtic/tr/fulltext/u2/a284387.pdf | archive-url=https://web.archive.org/web/20200326224928/https://apps.dtic.mil/dtic/tr/fulltext/u2/a284387.pdf | url-status=live | archive-date=March 26, 2020 | title=Effect of Heat Treatment on the Microstructure and Properties of AerMet6 100 Steel | first=John H. | last=Graves | publisher=[[United States Army Research Laboratory]] | date=August 1994}}</ref>


In July 1998, the company sold John J. McMullen Associates Inc. and Waterbury Companies.<ref>{{cite news | url=https://www.nytimes.com/1998/07/01/business/company-news-carpenter-technology-selling-talley-businesses.html | title=CARPENTER TECHNOLOGY SELLING TALLEY BUSINESSES | work=[[Bloomberg News]] | publisher=[[The New York Times]] | date=July 1, 1998}}</ref>
In 1993, the company developed 14 alloys for knife blades.<ref>{{cite web | url=https://patents.google.com/patent/US5370750 | title=Corrosion resistant, martensitic steel alloy Patent US 5370750 A}}</ref>


=== Leadership ===
In October 1998, the company announced a $113.6 million investment to expand its Pennsylvania melt shop.<ref>{{cite news | url=https://www.nytimes.com/1998/10/28/business/company-news-carpenter-technology-to-expand-plant-capacity.html | title=CARPENTER TECHNOLOGY TO EXPAND PLANT CAPACITY | work=[[Bloomberg News]] | publisher=[[The New York Times]] | date=October 28, 1998}}</ref>
In 2006, Carpenter Technology Corporation appointed [[Anne L. Stevens]] as their chairman, President and chief executive officer, succeeding Robert J. Torcolini.<ref>{{cite web |title=Anne Stevens Appointed Chairman, President and Chief Executive Officer of Carpenter Technology |url=https://news.thomasnet.com/companystory/anne-stevens-appointed-chairman-president-and-chief-executive-officer-of-carpenter-technology-497294 |website=thomasnet.com |access-date=October 9, 2019 |date=October 30, 2006}}</ref> She became the first female CEO in the company's history.<ref>{{cite web |title=Carpenter CEO Anne Stevens speaks at spring commencement |url=https://news.psu.edu/story/188224/2008/05/06/carpenter-ceo-anne-stevens-speaks-spring-commencement |website=psu.edu |access-date=October 9, 2019 |date=May 6, 2008 |archive-date=October 10, 2019 |archive-url=https://web.archive.org/web/20191010022443/https://news.psu.edu/story/188224/2008/05/06/carpenter-ceo-anne-stevens-speaks-spring-commencement |url-status=dead }}</ref>


In June 2015, Tony R. Thene was named president and chief executive officer of the company.<ref>{{cite press release |url=http://www.businesswire.com/news/home/20150602006010/en/Carpenter-Technology-Names-Tony-R.-Thene-Serve |title=Carpenter Technology Names Tony R. Thene to Serve as President and CEO |publisher=[[Business Wire]] |date=June 2, 2015}}</ref>
In 2009, Carpenter began supplying its cobalt-based BioBlu 27 alloy into the jewelry industry.<ref>[http://www.extravaganzi.com/scott-kays-cobalt-wedding-ring-collections-hand-sculpted-from-bioblu-27-the-worlds-superior-contemporary-metal/ SCOTT KAY’S COBALT WEDDING RING COLLECTIONS HAND SCULPTED FROM BIOBLU 27, THE WORLD’S SUPERIOR CONTEMPORARY METAL]</ref> In 2010, Carpenter developed ACUBE 100 alloy, a beryllium-free material for bushings and bearings. Also in 2010, Carpenter launched PremoMet alloy to consider for high demand diesel engine components.


=== Alloy launches ===
In 2011, the company acquired Amega West Services for $54 million, which expanded its business in the oil and gas drilling market.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/17843/000119312511000806/dex991.htm | title=Amega West Services acquired by Carpenter Technology | publisher=[[U.S. Securities and Exchange Commission]] | date=January 3, 2011}}</ref>
In October 2009, the company introduced the cobalt-based BioBlu 27 alloy for the jewelry industry.<ref>{{cite news | url=https://www.jckonline.com/editorial-article/updated-scott-kay-spectore-and-carpenter-technology-unveil-bioblu-27/ | title=Scott Kay, Spectore, and Carpenter Technology Unveil BioBlu 27 | first=JENNIFER | last=HEEBNER | work=[[RELX Group]] | date=October 29, 2009}}</ref>


In 2012, the company announced plans to construct a manufacturing facility in China.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20120830005204/en/Carpenter-Establish-Manufacturing-Facility-China | title=Carpenter to Establish Manufacturing Facility in China | publisher=[[Business Wire]] | date=August 30, 2012}}</ref>
In December 2009, the company launched the PremoMet alloy for high demand diesel engine components.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20091203005849/en/PremoMet%E2%84%A2-Alloy-Cost-Alternative-Cobalt-Containing-Alloys | title=PremoMet™ Alloy Seen as a Lower Cost Alternative to Cobalt-Containing Alloys | publisher=[[Business Wire]] | date=December 3, 2009}}</ref>


In March 2010, the company introduced the ACUBE 100 alloy, a [[beryllium]]-free material for bushings and bearings.<ref>{{cite news | url=https://www.asminternational.org/c/portal/pdf/download?articleId=AMP16803P19 | title=Beryllium-free Cobalt Alloy for High-load Bushings | work=[[ASM International (society)|ASM]] | date=March 2010}}</ref>
In 2015, Tony R. Thene was named president and chief executive officer of the company.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20150602006010/en/Carpenter-Technology-Names-Tony-R.-Thene-Serve | title=Carpenter Technology Announces Acquisition of Amega West Services, LLC – Expands Reach in the Oil & Gas Market | publisher=[[Business Wire]] | date=June 2, 2015}}</ref>

=== Developments ===
In August 2012, the company announced plans to construct a manufacturing facility in China.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20120830005204/en/Carpenter-Establish-Manufacturing-Facility-China | title=Carpenter to Establish Manufacturing Facility in China | publisher=[[Business Wire]] | date=August 30, 2012}}</ref>

In July 2018, the company announced plans to invest $52 million in a research and development center on its campus in [[Athens, Alabama]].<ref>{{cite press release | url=https://globenewswire.com/news-release/2018/07/16/1537549/0/en/Carpenter-Technology-Announces-Plans-for-Emerging-Technology-Center.html | title=Carpenter Technology Announces Plans for Emerging Technology Center | publisher=[[Globe Newswire]] | date=July 16, 2018}}</ref>


==Controversies==
==Controversies==
===Environmental record===
===Environmental record===
On June 18, 2002, five plaintiffs filed a suit against Carpenter Technology to recover costs that had been paid to the [[United States Environmental Protection Agency]] to cleanup the Boarhead Farms [[Superfund]] Site in [[Bucks County, Pennsylvania]].<ref>{{cite web | title=AGERE SYSTEMS, INC.; CYTEC INDUSTRIES, INC.; FORD MOTOR COMPANY; SPS TECHNOLOGIES, LLC; TI GROUP AUTOMOTIVE SYSTEMS, LLC v. Carpenter Technology Corporation, as Appellant | url=http://www2.ca3.uscourts.gov/opinarch/091814p.pdf | publisher=[[United States Court of Appeals for the Third Circuit]] | date=April 12, 2010}}</ref> A settlement of $21,800,000 was reached in 2011.
On June 18, 2002, five plaintiffs filed a suit against the company to recover costs that had been paid to the [[United States Environmental Protection Agency]] to cleanup the Boarhead Farms [[Superfund]] site in [[Bucks County, Pennsylvania]].<ref>{{cite web | title=AGERE SYSTEMS, INC.; CYTEC INDUSTRIES, INC.; FORD MOTOR COMPANY; SPS TECHNOLOGIES, LLC; TI GROUP AUTOMOTIVE SYSTEMS, LLC v. Carpenter Technology Corporation, as Appellant | url=http://www2.ca3.uscourts.gov/opinarch/091814p.pdf | publisher=[[United States Court of Appeals for the Third Circuit]] | date=April 12, 2010}}</ref> A settlement of $21,800,000 was reached in 2011.


The company released more than 1.2 million pounds of toxic chemical waste into the Schuylkill River and was the fourth-largest polluter of toxic chemicals in Pennsylvania in 2007; however, it is not clear whether the discharge amounts were within the allowed federal permit limits.<ref>{{cite news | url=http://philadelphia.bizjournals.com/philadelphia/stories/2009/11/09/story12.html | title=Two companies responsible for bulk of river pollution | first=Marilyn S. | last=D'Angelo | publisher=[[American City Business Journals]] | date=November 5, 2009}}</ref>
The company released more than 1.2 million pounds of toxic chemical waste into the [[Schuylkill River]] and was the 4th-largest polluter of toxic chemicals in Pennsylvania in 2007; however, it is not clear whether the discharge amounts were within the allowed federal permit limits.<ref>{{cite news | url=https://www.bizjournals.com/philadelphia/stories/2009/11/09/story12.html | title=Two companies responsible for bulk of river pollution | first=Marilyn S. | last=D'Angelo | work=[[American City Business Journals]] | date=November 5, 2009}}</ref>


==Gallery==
==Gallery==
<gallery>
<gallery>
File:JamesHenryCarpenter2.jpg|James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.
File:JamesHenryCarpenter2.jpg|[[James Henry Carpenter]] in 1861 or 1862 in the Union Navy at about age 15.
File:JamesHenryCarpenter1.jpg|[[James Henry Carpenter]], about 1895, founder of Carpenter Steel Company, now Carpenter Technology Corporation.
File:JamesHenryCarpenter1.jpg|[[James Henry Carpenter]], about 1895.
File:CarTech-1893-Carpenter-Steel-Reading-PA.jpg|Carpenter Steel Company Plant in 1893, Reading, Pa, looking east.
File:CarTech-1893-Carpenter-Steel-Reading-PA.jpg|Carpenter Steel Company Plant in 1893, Reading, Pa, looking east.
File:CarTech-Reading-PA.jpg|The Carpenter Steel Company Plant, now called Carpenter Technology Corporation about 2010, looking north.
File:CarTech-Reading-PA.jpg|Carpenter plant, circa 2010, looking north.
File:CarTech-1890s-Projectile-test.jpg|Carpenter Steel Company projectile test on steel plate circa early 1890s.
File:CarTech-1890s-Projectile-test.jpg|Carpenter projectile test on steel plate circa early 1890s.
File:CarTech-CrucibleMelting1890s.jpg|Carpenter Steel Company in the 1890s pouring steel into crucibles.
File:CarTech-CrucibleMelting1890s.jpg|Carpenter in the 1890s pouring steel into crucibles.
File:CarTech-1890s-Rolling-Mill.jpg|Carpenter Steel Company in the 1890s showing a rolling mill.
File:CarTech-1890s-Rolling-Mill.jpg|Carpenter rolling mill in the 1890s.
File:JamesHenryCarpenter3.jpg|Full picture: James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.
File:JamesHenryCarpenter3.jpg|Full picture: James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.
</gallery>
</gallery>
Line 134: Line 122:
==External links==
==External links==
{{Finance links
{{Finance links
| name = Carpenter Technology Corporation
| name = Carpenter Technology Corporation
| symbol = CRS
| google = CRS
| sec_cik = CRS
| yahoo = CRS
| yahoo = CRS
| bloomberg = CRS:US
| google = CRS
| symbol = CRS
| sec_cik = CRS
}}
}}


{{Philadelphia Corporations}}
{{Philadelphia Corporations}}
{{Reading, Pennsylvania}}
{{Reading, Pennsylvania}}
{{Authority control}}


[[Category:Technology companies established in 1889]]
[[Category:1889 establishments in Pennsylvania]]
[[Category:Companies based in Philadelphia]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Metal companies of the United States]]
[[Category:Companies based in Reading, Pennsylvania]]
[[Category:1889 establishments in New York (state)]]
[[Category:Manufacturing companies based in Pennsylvania]]
[[Category:Manufacturing companies based in Pennsylvania]]
[[Category:Metal companies of the United States]]
[[Category:Steel companies of the United States]]
[[Category:Steel companies of the United States]]
[[Category:Technology companies established in 1889]]

Latest revision as of 16:23, 8 June 2024

Carpenter Technology Corporation
Company typePublic company
NYSE: CRS
S&P 600 component
IndustryMetal
Founded1889; 135 years ago (1889) in Reading, Pennsylvania
FounderJames Henry Carpenter
HeadquartersPhiladelphia, United States
Key people
Tony R. Thene, President & CEO
Production output
Decrease 221.784 million lb (FY20)
RevenueDecrease $2.181 billion (FY20)
Decrease $1.5 million (FY20)
Total assetsIncrease $3.227 billion (FY20)
Total equityDecrease $1.446 billion (FY20)
Number of employees
Decrease 4,600 (June 30, 2020)
Websitewww.carpentertechnology.com
Footnotes / references
[1]

Carpenter Technology Corporation develops, manufactures, and distributes stainless steels and corrosion-resistant alloys. In fiscal year 2018, the company's revenues were derived from the aerospace and defense industry (55%), the industrial and consumer industry (17%), the medical industry (8%), the transportation industry (7%), the energy industry (7%), and the distribution industry (6%).[1] The company's products are used in landing gear, shaft collars, safety wires, electricity generation products, intervertebral disc arthroplasty, and engine valves and weldings.

History

[edit]

The company was founded by James Henry Carpenter and a small group of New York City investors in Reading, Pennsylvania on June 7, 1889, as the Carpenter Steel Company.[2]

In November 1896, the United States Secretary of the Navy referred to the company's armor-piercing projectiles as "the first made that would pierce improved armor plate." The routing of the Spanish fleet in the Battle of Manila Bay during the Spanish–American War of 1898 was credited in part to projectiles made by Carpenter.[2]

In 1903, Carpenter's "special" steels were used in the engine of the Wright brothers' maiden flight.[3]

In 1905, the company developed a prime grade chrome-nickel steel and by 1908 it had created 10 other steels that were used to make automobile chassis. "Old 16", the race car that won the Vanderbilt Cup in 1908, included front and rear axles, crankshaft, gears, and other parts fabricated from Carpenter steel.[4]

In 1917, the company manufactured its first high-strength, chemical-resistant stainless steel, which was immediately used in airplane engine components, cutlery, and spark plugs.[4]

Components of the engine of the "Spirit of St. Louis", Charles Lindbergh's plane that flew across the Atlantic Ocean in May 1927, were made from Carpenter steel. An identical engine had powered Richard E. Byrd's flight to the North Pole in 1926.[3]

In 1928, the company introduced the first free machining steel. It was 0.15% sulfur to make it easier to machine.[4][5]

In 1929, the Pierce-Arrow Motor Car Company used 24 pounds of stainless steel as trim on each of its cars.[5]

In 1934, during the Great Depression, the company introduced new stainless steels with additives of selenium, tellurium, and chrome and nickel.[5]

During World War II, the company's stainless steel was used in engine parts, steel fasteners, and cockpit instruments for fighter planes and bombers; components of Sherman tanks and submarines; radio masts for PT boats and radio equipment for battle fronts; and medical supplies such as hypodermic needles and surgical implements.[3]

In 1951, the company introduced "Stainless 20," a corrosion-resistant alloy.[6]

Structure

[edit]

In June 1937, Carpenter Steel Company became a public company via an initial public offering.[3]

Ownership and acquisitions

[edit]

In 1957, after Northeastern Steel filed bankruptcy, it was acquired by Carpenter.[5]

In 1961, the company acquired NTH Products of El Cajon, California.[7]

In 1968, the company changed its name to Carpenter Technology Corporation to reflect its research and development initiatives.[1]

In 1969, the company acquired Gardner Cryogenics, but sued its former shareholders a year later after finding irregularities.[8] The company was sold a few years later.

In May 1983, the company acquired Eagle Precision Metals of Fryeburg, Maine, a precision drilling facility that produced high quality hollow steel bars.[9]

In 1984, the company acquired a wire-finishing plant, capable of redrawing steel wire to extremely fine sizes from AMAX Specialty Metals of Orangeburg, South Carolina. The plant was closed in 2012.[10]

In January 1997, Carpenter acquired Dynamet, a titanium alloy producer based in Washington, Pennsylvania, for $161 million.[11]

In September 1997, the company acquired Talley Industries for $185 million.[12]

In July 1998, the company sold John J. McMullen Associates and Waterbury Companies.[13]

In October 1998, the company announced a $113.6 million investment to expand its Reading, Pennsylvania melt shop.[14]

In January 2011, the company acquired Amega West Services for $54 million, which expanded its business in the oil and gas drilling market.[15]

In February 2012, the company purchased the former Dana Incorporated industrial site for about $6 million.[16]

Strike

[edit]

In September 1986, 498 employees of the company participated in a strike action.[17] The strike ended in December 1986.[18]

Patent

[edit]

In February 1992, the company received a patent for a super-strong Aermet alloy, first used for the landing gear on aircraft carrier-based jet fighters.[19]

In 1993, the company developed 14 alloys for knife blades.[20]

Leadership

[edit]

In 2006, Carpenter Technology Corporation appointed Anne L. Stevens as their chairman, President and chief executive officer, succeeding Robert J. Torcolini.[21] She became the first female CEO in the company's history.[22]

In June 2015, Tony R. Thene was named president and chief executive officer of the company.[23]

Alloy launches

[edit]

In October 2009, the company introduced the cobalt-based BioBlu 27 alloy for the jewelry industry.[24]

In December 2009, the company launched the PremoMet alloy for high demand diesel engine components.[25]

In March 2010, the company introduced the ACUBE 100 alloy, a beryllium-free material for bushings and bearings.[26]

Developments

[edit]

In August 2012, the company announced plans to construct a manufacturing facility in China.[27]

In July 2018, the company announced plans to invest $52 million in a research and development center on its campus in Athens, Alabama.[28]

Controversies

[edit]

Environmental record

[edit]

On June 18, 2002, five plaintiffs filed a suit against the company to recover costs that had been paid to the United States Environmental Protection Agency to cleanup the Boarhead Farms Superfund site in Bucks County, Pennsylvania.[29] A settlement of $21,800,000 was reached in 2011.

The company released more than 1.2 million pounds of toxic chemical waste into the Schuylkill River and was the 4th-largest polluter of toxic chemicals in Pennsylvania in 2007; however, it is not clear whether the discharge amounts were within the allowed federal permit limits.[30]

[edit]
  • James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.
    James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.
  • James Henry Carpenter, about 1895.
    James Henry Carpenter, about 1895.
  • Carpenter Steel Company Plant in 1893, Reading, Pa, looking east.
    Carpenter Steel Company Plant in 1893, Reading, Pa, looking east.
  • Carpenter plant, circa 2010, looking north.
    Carpenter plant, circa 2010, looking north.
  • Carpenter projectile test on steel plate circa early 1890s.
    Carpenter projectile test on steel plate circa early 1890s.
  • Carpenter in the 1890s pouring steel into crucibles.
    Carpenter in the 1890s pouring steel into crucibles.
  • Carpenter rolling mill in the 1890s.
    Carpenter rolling mill in the 1890s.
  • Full picture: James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.
    Full picture: James Henry Carpenter in 1861 or 1862 in the Union Navy at about age 15.

References

[edit]
  1. ^ a b c "Carpenter Technology Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission. Archived from the original on 2021-04-16. Retrieved 2019-10-13.
  2. ^ a b DEVLIN, RON (February 13, 2018). "History Book: Carpenter Steel gains global reputation". Reading Eagle.
  3. ^ a b c d "FundingUniverse: Carpenter Technology Corporation History".
  4. ^ a b c "125 years at Carpenter". Reading Eagle. December 29, 2014.
  5. ^ a b c d Cobb, Harold M. (2010). The History of Stainless Steel. ASM. ISBN 9781615030118.
  6. ^ "The Origin of Alloy 20". Rolled Alloys.
  7. ^ "Carpenter". Connecticut Post. July 7, 1961.
  8. ^ "In Accord With RCA". The New York Times. June 30, 1970.
  9. ^ Mergent Industrial Manual. Mergent, Inc. 2001.
  10. ^ "Carpenter Technology closing Orangeburg plant; 26 jobs lost". The Times and Democrat. September 1, 2012.
  11. ^ "Carpenter Technology to Acquire Dynamet". The New York Times. Reuters. January 8, 1997.
  12. ^ "CARPENTER TECHNOLOGY TO ACQUIRE TALLEY INDUSTRIES". The New York Times. Dow Jones & Company. September 27, 1997.
  13. ^ "CARPENTER TECHNOLOGY SELLING TALLEY BUSINESSES". The New York Times. Bloomberg News. July 1, 1998.
  14. ^ "CARPENTER TECHNOLOGY TO EXPAND PLANT CAPACITY". The New York Times. Bloomberg News. October 28, 1998.
  15. ^ "Carpenter Technology Announces Acquisition of Amega West Services, LLC – Expands Reach in the Oil & Gas Market" (Press release). Business Wire. January 3, 2011.
  16. ^ Miller, Karen L. (February 25, 2012). "Carpenter buys former Dana site". Reading Eagle.
  17. ^ "498 Steelworkers Walk Off Jobs". The New York Times. Associated Press. September 2, 1986.
  18. ^ "Steelworkers Reach Accord to End Strike". The New York Times. Associated Press. December 15, 1986.
  19. ^ Graves, John H. (August 1994). "Effect of Heat Treatment on the Microstructure and Properties of AerMet6 100 Steel" (PDF). United States Army Research Laboratory. Archived (PDF) from the original on March 26, 2020.
  20. ^ "Corrosion resistant, martensitic steel alloy Patent US 5370750 A".
  21. ^ "Anne Stevens Appointed Chairman, President and Chief Executive Officer of Carpenter Technology". thomasnet.com. October 30, 2006. Retrieved October 9, 2019.
  22. ^ "Carpenter CEO Anne Stevens speaks at spring commencement". psu.edu. May 6, 2008. Archived from the original on October 10, 2019. Retrieved October 9, 2019.
  23. ^ "Carpenter Technology Names Tony R. Thene to Serve as President and CEO" (Press release). Business Wire. June 2, 2015.
  24. ^ HEEBNER, JENNIFER (October 29, 2009). "Scott Kay, Spectore, and Carpenter Technology Unveil BioBlu 27". RELX Group.
  25. ^ "PremoMet™ Alloy Seen as a Lower Cost Alternative to Cobalt-Containing Alloys" (Press release). Business Wire. December 3, 2009.
  26. ^ "Beryllium-free Cobalt Alloy for High-load Bushings". ASM. March 2010.
  27. ^ "Carpenter to Establish Manufacturing Facility in China" (Press release). Business Wire. August 30, 2012.
  28. ^ "Carpenter Technology Announces Plans for Emerging Technology Center" (Press release). Globe Newswire. July 16, 2018.
  29. ^ "AGERE SYSTEMS, INC.; CYTEC INDUSTRIES, INC.; FORD MOTOR COMPANY; SPS TECHNOLOGIES, LLC; TI GROUP AUTOMOTIVE SYSTEMS, LLC v. Carpenter Technology Corporation, as Appellant" (PDF). United States Court of Appeals for the Third Circuit. April 12, 2010.
  30. ^ D'Angelo, Marilyn S. (November 5, 2009). "Two companies responsible for bulk of river pollution". American City Business Journals.
[edit]
  • Business data for Carpenter Technology Corporation:
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