Carpenter Technology To Buy Assets Of Puris For $35 Mln - Quick Facts

(RTTNews) - While reporting its second-quarter financial results today, Carpenter Technology Corp. (CRS) said it has agreed to acquire substantially all of the assets and business of Puris LLC, a producer of titanium powder for additive manufacturing and advanced technology applications, for $35 million.

The assets and business to be acquired include Puris' titanium powder operations and business, additive manufacturing assets, patents and related intellectual property. Puris is based in Bruceton Mills, West Virginia.

"This acquisition will provide Carpenter with immediate entry into the rapidly expanding titanium powder market and is consistent with our strategic focus on strengthening our leadership position in important growth areas," said Tony Thene, Carpenter's President & CEO.

Closing of the transaction is expected to occur during the quarter ended March 31, 2017. As a result of the transaction, Carpenter will enter the titanium powder market significantly earlier than previously planned and will reduce its planned fiscal year 2017 capital expenditures by approximately $20 million.

The company noted that operations will continue at the existing site which is well positioned for future expansion and will operate as a functional unit of Carpenter Powder Products, complementing Carpenter's existing portfolio of powder metallurgy offerings.