\n\tCarpenter Technology Corp., Philadelphia, announces that it has agreed to purchase substantially all of the assets and business of Puris LLC, a producer of titanium powder for additive manufacturing and advanced technology applications. The assets and business to be acquired include Puris’ titanium powder operations and business, additive manufacturing assets, patents, and related intellectual property.<\/p>\n
\n\t“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, Carpenter’s President & CEO. “Puris brings industry leading technology and processes for the production of titanium powder, additive manufacturing part production capabilities, a talented team, attractive intellectual property, and established customer relationships. The strengths of Puris, coupled with Carpenter’s reputation as an industry leading producer of premium alloys and our global commercial reach, will allow us to further deliver on the growing needs of our customers.”<\/p>\n
\n\tAs a result of the transaction, which cost $35 million, Carpenter will enter the titanium powder market significantly earlier than previously planned, and will reduce its planned fiscal year 2017 capital expenditures by approximately $20 million.<\/p>\n
\n\tOperations will continue at the existing site, which is well positioned for future expansion and will operate as a functional unit of Carpenter Powder Products, complementing Carpenter’s existing broad portfolio of well-established powder metallurgy portfolio.<\/p>\n