Carpenter Technology Corporation reports developments tied to high-performance specialty alloy materials and process solutions for aerospace and defense, medical, transportation, energy, and industrial and consumer markets. The company’s updates commonly cover Specialty Alloys Operations, Performance Engineered Products, demand in commercial aerospace and defense applications, and premium nickel, cobalt, and titanium alloys.
Recurring news also includes quarterly operating results, segment margin commentary, bookings and long-term customer agreements, common-stock dividends, share repurchases, debt financing, and governance changes. The company’s manufacturing base includes alloy and stainless steel operations in Pennsylvania, South Carolina, and Alabama, with revenue reported across the United States and international regions.
Carpenter Technology Corporation (NYSE: CRS) has initiated an underwritten public offering of senior notes to repay its 5.200% senior notes due 2021. The net proceeds will also support general corporate purposes, including working capital, capital expenditures, debt repayment, acquisitions, joint ventures, and stock repurchases. The offering is managed by BofA Securities and is made under an automatic shelf registration statement filed with the SEC. The company highlights its position as a leader in high-performance specialty alloy materials.
Carpenter Technology Corporation (NYSE: CRS) announced a plan to enhance performance amid COVID-19 challenges. The company will reduce around 20% of global salaried positions, generating annual cost savings of $30 to $35 million, with a pre-tax charge of $10 million expected in Q4 FY2020. Additional measures include a hiring freeze, deferral of merit increases, and exiting the Amega West oil and gas business. These actions aim to save $60 to $70 million annually and strengthen cash flow by $50 million in FY2021. As of March 31, 2020, Carpenter reported $317 million in liquidity.
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