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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 = {{New York Stock Exchange|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|1889}} in [[Reading, Pennsylvania]]
| foundation = {{start date and age|1889}} in [[Reading, Pennsylvania]]
Line 10: Line 11:
| hq_location = [[Philadelphia]], United States
| hq_location = [[Philadelphia]], United States
| key_people = Tony R. Thene, [[President (corporate title)|President]] & [[CEO]]
| key_people = Tony R. Thene, [[President (corporate title)|President]] & [[CEO]]
| production = 265.620 million pounds (FY 2018)
| production = {{decrease}} 221.784 million lb (FY20)
| revenue = {{increase}} $2.157 billion (FY 2018)
| revenue = {{decrease}} $2.181 billion (FY20)
| net_income = {{increase}} $0.188 billion (FY 2018)
| net_income = {{decrease}} $1.5 million (FY20)
| assets = {{increase}} $3.007 billion (FY 2018)
| assets = {{increase}} $3.227 billion (FY20)
| equity = {{increase}} $1.485 billion (FY 2018)
| equity = {{decrease}} $1.446 billion (FY20)
| num_employees = 4,800 (June 30, 2018)
| num_employees = {{decrease}} 4,600 (June 30, 2020)
| homepage = {{url|http://www.carpentertechnology.com/}}
| homepage = {{URL|http://www.carpentertechnology.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/17843/000001784318000047/crs630201810k.htm | title=Carpenter Technology Corporation 2017 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| 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>
}}
}}


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==History==
==History==
The company was founded by [[James Henry Carpenter]] and a small group of New York City investors in [[Reading, Pennsylvania]] in 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 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>


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/>
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/>
Line 35: Line 36:
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/>
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/>


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}}</ref>
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>


In 1929, the [[Pierce-Arrow Motor Car Company]] used 24 pounds of stainless steel as trim on each of its cars.<ref name=history/>
In 1929, the [[Pierce-Arrow Motor Car Company]] used 24 pounds of stainless steel as trim on each of its cars.<ref name=history/>
Line 41: Line 42:
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 1934, during the [[Great Depression]], the company introduced new stainless steels with additives of selenium, tellurium, and chrome and nickel.<ref name=history/>


⚫
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" />
⚫
In June 1937, Carpenter Steel Company became a [[public company]] via an [[initial public offering]].<ref name=fu/>


⚫
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>
⚫
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/>


=== Structure ===
⚫
In 1951, the company introduced "Stainless 20," a corrosion-resistant alloy.<ref>{{cite web | url=https://www.rolledalloys.com/technical-resources/blog/the-origin-of-alloy-20 | title=The Origin of Alloy 20 | work=Rolled Alloys}}</ref>
⚫
In June 1937, Carpenter Steel Company became a [[public company]] via an [[initial public offering]].<ref name=fu/>


=== Ownership and acquisitions ===
In 1957, after Northeastern Steel filed [[bankruptcy]], it was acquired by Carpenter.<ref name=history/>
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>
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>


In 1968, the company changed its name to Carpenter Technology Corporation to reflect its research and development initiatives.<ref name=10K/>
In 1968, the company changed its name to Carpenter Technology Corporation to reflect its research and development initiatives.<ref name=10K/>
Line 59: Line 62:
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>
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>


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>
⚫
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]] | 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 | agency=[[Associated Press]] | publisher=[[The New York Times]] | date=December 15, 1986}}</ref>


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 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 | 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 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 1993, the company developed 14 alloys for knife blades.<ref>{{cite web | url=https://www.google.com/patents/US5370750 | title=Corrosion resistant, martensitic steel alloy Patent US 5370750 A}}</ref>


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 | agency=[[Reuters]] | publisher=[[The New York Times]] | date=January 8, 1997}}</ref>
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 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 | agency=[[Dow Jones & Company]] | publisher=[[The New York Times]] | date=September 27, 1997}}</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>


⚫
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 July 1998, the company sold John J. McMullen Associates 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 | agency=[[Bloomberg News]] | publisher=[[The New York Times]] | date=July 1, 1998}}</ref>


=== Strike ===
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 | agency=[[Bloomberg News]] | publisher=[[The New York Times]] | date=October 28, 1998}}</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 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 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 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>

=== Alloy launches ===
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 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>


Line 79: Line 94:
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 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>


=== Developments ===
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>

⚫
In February 2012, the company purchased the former [[Dana Incorporated]] industrial site for about $6 million.<ref>{{cite news | url=http://www2.readingeagle.com/article.aspx?id=367183 | title=Carpenter buys former Dana site | first=Karen L. | last=Miller | work=[[Reading Eagle]] | date=February 25, 2012}}</ref>

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 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 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 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>
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>
Line 122: Line 132:
{{Philadelphia Corporations}}
{{Philadelphia Corporations}}
{{Reading, Pennsylvania}}
{{Reading, Pennsylvania}}
{{Authority control}}


[[Category:1889 establishments in Pennsylvania]]
[[Category:1889 establishments in Pennsylvania]]
[[Category:Companies based in Philadelphia, 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:Manufacturing companies based in Pennsylvania]]
[[Category:Manufacturing companies based in Pennsylvania]]

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

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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

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  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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