WYOMISSING, Pa. (AP) — Carpenter Technology Corp. said Friday it will sell its ceramics businesses to Morgan Crucible Co. for $147 million as part of its shift toward alloy products.
The ceramics operations represent about 5 percent of Carpenter's revenue, with annual sales of $91 million and operating income of approximately $15 million in fiscal 2007. The specialty metals and engineered product maker expects the deal to close in early 2008. Morgan Crucible is a U.K.-based industrial materials company.
''Although our ceramics businesses are strong, they are not a priority for long-term growth at Carpenter, and add complexity to our operations,'' Chief Executive Anne Stevens said in a statement.
The Certech and Carpenter Advanced Ceramics businesses have 911 employees in the U.S., U.K., Mexico and Australia. Certech makes ceramic components for turbine engine blades and vanes that are used for aircraft and power generation. Carpenter produces technical ceramics, industrial ceramics and high purity alumina and zirconia ceramic components.