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]
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]
Leadership
In June 2015, Tony R. Thene was named president and chief executive officer of the company. [17]
Developments
In July 2018, the company announced plans to invest $52 million in a research and development center on its campus in Athens, Alabama. [18]
