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Carpenter Technology to sell distribution businesses

Carpenter Technology Corporation has commenced a process to sell Latrobe Specialty Steel Distribution and its Mexican distribution business, Aceros Fortuna. The sale of the distribution businesses reflects Carpenter’s continued focus on growing its high-value specialty alloy manufacturing, titanium processing, and precision engineered businesses. Carpenter expects that proceeds from a sale will be reinvested in Carpenter’s premium product businesses. Carpenter will continue to service sales of its special alloy products in Mexico and South America through the retention of selected warehouses and employees. Carpenter has engaged KeyBanc Capital Markets Inc. to assist it in the sale of its distribution businesses.