Specialty metals maker Carpenter Technology Corp., Wyomissing, today said it agreed to sell its ceramic operations to U.K.-based Morgan Crucible Co. P.L.C., an advanced materials company for $147 million.
Separately, Carpenter announced a new share repurchase program of up to $250 million outstanding common shares, to be funded with available cash.
Certech produces complex injection molded ceramic components used in casting of turbine engine blades and vanes for aircraft and power generation applications. It employs 766 workers at seven locations in the U.S., U.K. and Mexico. Carpenter Advanced Ceramics, with 145 employees in the U.S. and Australia, produces technical ceramics, industrial ceramics and high purity alumina and zirconia structural ceramic components for a variety of applications and industries.
Carpenter shares were up $1.70 to $72.76 in morning trading on the New York Stock Exchange.