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Morgan Pays $147 Million for Two Carpenter Units

Dec. 23, 2007
Certech, Carpenter Advanced Ceramics fit groups product lines, strategies
Morgan Crucible is buying the Certech and Carpenter Advanced Ceramics businesses from Carpenter Technology Corp. for $147 million, in cash, the British firm reports. Morgan is a worldwide manufacturer of specialty performance materials and technical and insulating ceramics and carbon, and it is the parent of Morgan Molten Metal Systems — designer and supplier of crucibles, furnaces, and other foundry consumables. Carpenter Technology, Reading, PA, produces stainless and specialty steels, titanium and superalloys, and a variety of engineered products. The two divisions being sold are described as “technical ceramics businesses.” Certech has seven plants in the U.S., U.K., and Mexico. It manufactures a range of complex injection molded ceramic components used by investment casters, for example in production of aerospace or industrial-gas turbine blades and vanes. It also manufactures other porous ceramics and foundry supplies. Carpenter Advanced Ceramics has a plant in the U.S. and another in Australia. It manufactures engineered ceramics (Morgan’s Technical Ceramics operations produce similar products), including high-purity alumina and zirconia structural ceramic components. Mark Robertshaw, Morgan Crucible CEO stated that the acquisitions are “in-line with our strategic priority of focusing on higher growth, higher margin, less economically-cyclical markets. They also enhance our high value-added offering to customers and reinforce the standing of our Technical Ceramics division as a global market leader in its chosen fields.” Carpenter chairman, president, and CEO Anne Stevens referred to the two units as “non-core” businesses, explaining: “Although our ceramics businesses are strong, they are not a priority for long-term growth at Carpenter, and add complexity to our operations. We believe Morgan Crucible represents the best strategic fit for these businesses, which should continue to prosper under their ownership.”