WYOMISSING, Pa.--(BUSINESS WIRE)--June 30, 1999--
Carpenter Technology Corp. (NYSE:CRS) announced today that it has completed the sale of Talley Defense Systems Inc., which designs, develops and produces propellant-based products for defense and commercial customers, to an employee stock ownership plan (ESOP) and key members of the existing management of the company.
The purchase price was not disclosed, although Carpenter said the proceeds were in line with the estimates received previously from investment banker Credit Suisse First Boston.
Talley Defense Systems was part of Talley Industries, a conglomerate that Carpenter acquired in 1998 for its specialty alloy manufacturing and distribution businesses. Carpenter now has closed on the sale of all the Talley businesses it planned to divest.
In addition to Talley Defense Systems, they are: Waterbury Companies Inc., John J. McMullen Associates, Universal Propulsion Co., Electrodynamics Inc., Porcelain Products Co., Dimetrics Inc. and Rowe Industries Inc.
Talley Defense Systems products are found in a variety of critical defense and safety applications, including automotive airbags, solid propellant gas generators and rocket motors. Based in Mesa, Ariz., the company had sales of $26.5 million in 1998.
Carpenter manufactures and distributes stainless steels, titanium and other specialty alloys, and various engineered products. In fiscal year 1998 (ended June 30, 1998), the Wyomissing, Pa., company had sales of about $1.2 billion. Further information about Carpenter is available on the Internet at http://www.cartech.com.
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