Mar 2, 2017 | By Tess
Carpenter Technology Corporation (NYSE: CRS) has announced that its acquisition of West Virginia-based additive manufacturing powder producer Puris LLC is complete. The acquisition, which was announced in early February, saw Carpenter buy Puris’ manufacturing assets, patents, and intellectual property for a total of $35 million.
Philadelphia-based Carpenter Technology Corporation is recognized as one of the leading producers and distributors of premium specialty alloys, including titanium alloys, nickel and cobalt based superalloys, stainless steels, alloy steels and tool steels.
In acquiring Puris LLC, Carpenter Technology Corporation has gained entry into the titanium powder market, a growing market that has ties to the aerospace, automotive, and medical industries, among others. The $35 million acquisition will also increase Carpenter’s presence within the additive manufacturing industry and will help to increase and improve the company’s capacity as a solutions provider for customers of its end-use markets. According to a 2015 study by MarketsandMarkets, the 3D printing powder market is expected to reach $639.9 million by 2020.
“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, president and CEO of Carpenter, last month.
As part of the deal, Puris LLC’s operational powder manufacturing facility in Bruceton Mills, West Virginia will continue to exist, only now under the Carpenter Powder Products division. With its increased AM powder manufacturing capabilities, Carpenter Technology Corporation will offer advanced support for next-gen products and manufacturing processes, such as 3D printing. It will also continue to supply the aerospace, transportation, medical, and energy markets (to name but a few) with high-performance materials and advanced process solutions.
Upon announcing the acquisition, Stephen Peskosky, Vice President of Corporate Development at Carpenter, said: “The addition of titanium powder to Carpenter’s existing capabilities is significant due to the current and anticipated demand increases from the additive manufacturing industry, which produces mission critical parts supplied to Aerospace and Medical markets, as well as other markets. As we continue to differentiate Carpenter as a solutions provider and market focused company, we believe the expansion of our powder and additive manufacturing capabilities further enhances the value we provide our customers and further expands our long-term growth profile.”
Posted in 3D Printing Application
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