2/3/2014 1:24:00 PM
NEWS BRIEFS
Carpenter Technology Boosting Fastener Finishing Capacity
Carpenter Technology Corp. plans to add 400,000 lb of titanium finishing capacity to boost its market role in aerospace fasteners, MetalBulletin reports.
“In response to our customers’ forecasts of increasing demand of fastener wire, we will launch an additional wire finishing line in the third quarter,” Gary E Heasley, senior vice president of Carpenter’s Performance Engineered Products business, said during a quarterly earnings conference call.
Carpenter Technology sales fell 5.6% to $503.5 million in the second quarter of fiscal 2014 on 8% higher shipments.
“This sales decline can be attributed primarily to the continued soft demand in Aerospace and Energy,” the company stated. “Volume was up due to increased share on key platforms in Transportation and Industrial & Consumer.”
Fiscal Q2 operating income dropped 9.8% to $47.5 million and net income declining 10.6% to $29.5 million.
Carpenter Technology manufactures and distributes heading wire/rod and bar products in specialty alloys, including stainless steels, titanium alloys, superalloys, and various engineered products. ©2014 GlobalFastenerNews.com
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