Carpenter Technology Corporation

Last updated
Carpenter Technology Corporation
Type Public company
NYSE:  CRS
S&P 600 component
Industry Metal
Founded1889;134 years ago (1889) in Reading, Pennsylvania
Founder James Henry Carpenter
Headquarters Philadelphia, United States
Key people
Tony R. Thene, President & CEO
Production output
Decrease2.svg 221.784 million lb (FY20)
RevenueDecrease2.svg $2.181 billion (FY20)
Decrease2.svg $1.5 million (FY20)
Total assets Increase2.svg $3.227 billion (FY20)
Total equity Decrease2.svg $1.446 billion (FY20)
Number of employees
Decrease2.svg 4,600 (June 30, 2020)
Website www.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.

Contents

History

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

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

Ownership and acquisitions

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

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

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. [19]

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

Leadership

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

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

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

Environmental record

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]

Related Research Articles

<span class="mw-page-title-main">Stainless steel</span> Steel alloy resistant to corrosion

Stainless steel, also known as inox, corrosion-resistant steel (CRES) and rustless steel, is an alloy of iron that is resistant to rusting and corrosion. It contains at least 10.5% chromium and usually nickel, and may also contain other elements, such as carbon, to obtain the desired properties. Stainless steel's resistance to corrosion results from the chromium, which forms a passive film that can protect the material and self-heal in the presence of oxygen.

In physical chemistry and engineering, passivation is coating a material so that it becomes "passive", that is, less readily affected or corroded by the environment. Passivation involves creation of an outer layer of shield material that is applied as a microcoating, created by chemical reaction with the base material, or allowed to build by spontaneous oxidation in the air. As a technique, passivation is the use of a light coat of a protective material, such as metal oxide, to create a shield against corrosion. Passivation of silicon is used during fabrication of microelectronic devices. Undesired passivation of electrodes, called "fouling", increases the circuit resistance so it interferes with some electrochemical applications such as electrocoagulation for wastewater treatment, amperometric chemical sensing, and electrochemical synthesis.

Stellite is a range of cobalt-chromium alloys designed for wear resistance. The alloys may also contain tungsten or molybdenum and a small, but important, amount of carbon.

<span class="mw-page-title-main">Monel</span> Solid-solution binary alloy of nickel and copper

Monel is a group of alloys of nickel and copper, with small amounts of iron, manganese, carbon, and silicon. Monel is not a cupronickel alloy because it has less than 60% copper.

<span class="mw-page-title-main">Allegheny Technologies</span> American materials company

ATI Inc. is an American producer of specialty materials headquartered in Dallas, Texas. ATI produces metals including titanium and titanium alloys, nickel-based alloys and superalloys, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, forgings and castings.

Titanium alloys are alloys that contain a mixture of titanium and other chemical elements. Such alloys have very high tensile strength and toughness. They are light in weight, have extraordinary corrosion resistance and the ability to withstand extreme temperatures. However, the high cost of both raw materials and processing limit their use to military applications, aircraft, spacecraft, bicycles, medical devices, jewelry, highly stressed components such as connecting rods on expensive sports cars and some premium sports equipment and consumer electronics.

<span class="mw-page-title-main">Orthodontic archwire</span> Wire used in dental braces

An archwire in orthodontics is a wire conforming to the alveolar or dental arch that can be used with dental braces as a source of force in correcting irregularities in the position of the teeth. An archwire can also be used to maintain existing dental positions; in this case it has a retentive purpose.

AerMet alloy is an ultra-high strength type of martensitic alloy steel. The main alloying elements are cobalt and nickel, but chromium, molybdenum and carbon are also added. Its exceptional properties are hardness, tensile strength, fracture toughness and ductility. Aermet is weldable with no preheating needed. AerMet alloy is not corrosion resistant, so it must be sealed if used in a moist environment. AerMet is a registered trademark of Carpenter Technology Corporation.

Copperweld is an American company based in Fayetteville, Tennessee, and maintaining a management office in Brentwood, Tennessee. Its main products are wire and stranded electrical cable made from its Copperweld brand copper-clad steel ("CCS") or copper-clad aluminum ("CCA"). In addition to its American operations, Copperweld maintains a production facility in Telford, England, and a distribution hub in Liège, Belgium.

<span class="mw-page-title-main">Haynes International</span> Producer of corrosion-resistant and high-temperature alloys

Haynes International, Inc., headquartered in Kokomo, Indiana, is one of the largest producers of corrosion-resistant and high-temperature alloys. In addition to Kokomo, Haynes has manufacturing facilities in Arcadia, Louisiana, Laporte, Indiana, and Mountain Home, North Carolina. The Kokomo facility specializes in flat products, the Arcadia facility in tubular products, and the Mountain Home facility in wire products. In fiscal year 2018, the company's revenues were derived from the aerospace (52.1%), chemical processing (18.2%), industrial gas turbine (12.0%) and other (12.3%) industries. The company's alloys are primarily marketed under the Hastelloy and the Haynes brands. They are based on nickel, but also include cobalt, chromium, molybdenum, tungsten, iron, silicon, manganese, carbon, aluminum, and/or titanium.

<span class="mw-page-title-main">Lukens Steel Company</span> Oldest iron mill in commission within the United States

Lukens Steel Company, located in Coatesville, Pennsylvania, is the oldest iron mill in commission within the United States.

Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machining, and welding. Its Chicago Tube & Iron subsidiary is a distributor of steel tubing, pipe, bar, valves & fittings, and fabricates pressure parts.

Carlton Forge Works is an aerospace manufacturing company that produces seamless rolled rings. Carlton was found in 1929 and was privately held. According to Manta and Business Week, the company has about 250-300 employees. The company was previously owned by Allan Carlton.

<span class="mw-page-title-main">Grupo Compás</span>

Grupo Compás, which trades as Alloy Valve Stockist, is an industrial alloy valve stockist and distributor based out of Barcelona, Spain and is recognized as one of the fastest growing service companies in Spain. Their customers come from three areas of activity: chemical and petrochemical refineries, combined cycle plants and companies related to the natural gas business, such as BASF, Repsol YPF, Saudi Aramco, Galp, Petrobras, Petronas and Marathon Oil; integrated engineering companies, like Sener, Technip and OneSteel; and valve manufacturers, stockists and specialized distributors, like Econosto and MRC Transmark. Grupo Compás supplies end users internationally, though the bulk of customers come from the US, Australia and European Union.

Rolled Alloys is a private company headquartered in Temperance, Michigan, in the United States. Rolled Alloys is a supplier in the metal industry for both heat resistant and corrosion resistant alloys. The company has between 201-500 employees throughout the world. Rolled Alloys' key markets are Aerospace, Chemical Processing, Medical, Oil and Gas, Power Generation, and Thermal Processing. Rolled Alloys Canada also deals in the Pulp / Paper and Mining markets.

Crucible Industries, commonly known as Crucible, is an American company which develops and manufactures specialty steels, and is the sole producer of a line of sintered steels known as Crucible Particle Metallurgy (CPM) steels. The company produces high speed, stainless and tool steels for the automotive, cutlery, aerospace, and machine tool industries.

voestalpine Böhler Welding is a manufacturer of welding consumables, welding equipment and accessories with headquarters in Düsseldorf. The company owns over 50 subsidiaries in more than 25 countries, 2,300 employees, customers in approximately 150 countries and more than 1,000 distribution partners.

<span class="mw-page-title-main">VDM Metals</span> German manufacturer of corrosion-resistant, heat-resistant nickel and cobalt alloys

VDM Metals Group based in Werdohl, Germany, is a manufacturer of corrosion-resistant, heat-resistant and high-temperature nickel alloys, cobalt and zirconium alloys as well as high-alloyed special stainless steels. These materials are used in the chemical process industry, the oil and gas industry, aerospace, automotive and electronics / electrical engineering. VDM Metals operates production sites in Germany and the United States. The company employs about 2,000 people worldwide.

References

  1. 1 2 3 "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. 1 2 DEVLIN, RON (February 13, 2018). "History Book: Carpenter Steel gains global reputation". Reading Eagle .
  3. 1 2 3 4 "FundingUniverse: Carpenter Technology Corporation History".
  4. 1 2 3 "125 years at Carpenter". Reading Eagle . December 29, 2014.
  5. 1 2 3 4 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 .
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