Carpenter Technology Corp. announced a $35 million acquisition of Puris LLC, a producer of titanium powder for additive manufacturing and advanced technology applications.
Carpenter moved its headquarters to Philadelphia last year, while its manufacturing facility remains in Wyomissing and employs nearly 2,300 people.
The assets and business to be acquired include Puris’ titanium powder operations and business, additive manufacturing assets, patents and related intellectual property. Puris is based in Bruceton Mills, W. Va.
“This acquisition will provide Carpenter with immediate entry into the rapidly expanding titanium power 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.
Carpenter now will enter the titanium powder market earlier than initially planned and will reduce its planned fiscal year 2017 capital expenditures by about $20 million.
Operations will continue at the existing site in West Virginia, which is positioned for future expansion and will operate as a functional unit of Carpenter Powder Products, complementing Carpenter’s existing portfolio of powder metallurgy offerings.
“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,” said Stephen Peskosky, vice president of corporate development at Carpenter.
Carpenter produces and distributes premium alloys, including special alloys, titanium alloys and powder metals, as well as stainless steels, alloy steels and tool steels.
Puris was founded in 2014. The transaction, subject to customary closing conditions, is expected to close by March 31.