Specialty alloys and metal powder producer Carpenter Technology Corporation (NYSE: CRS), headquartered in Pennsylvania, has acquired UK additive manufacturing materials producer LPW Technology.
LPW was acquired by Carpenter for a value of approximately $81 million. Carpenter also recently reported its financial results for Q1 2019 posting $572.4 million in net sales.
Tony R. Thene, President and CEO of Carpenter Technology Corporation, comments:
“Our aggressive development in key aspects of Additive Manufacturing (AM) demonstrates our commitment to build on our industry-leading position in this space,”
“The acquisition combines LPW’s metal powder lifecycle management technology and processes with our technical expertise in producing highly engineered metal powders and additively manufactured components.”
LPW metal powders for additive manufacturing
Founded in 2007, LPW Technology is a specialty producer of powdered metal alloys and powder lifecycle management systems. It’s products include the PowderRange of off the shelf powders optimized for use with SLM, LMD, EBM and DMLS technologies, and the PowderLife line of premium powders and handling equipment. Its material portfolio includes additive manufacturing grade aluminum, cobalt, copper, titanium, steel, and Scalmalloy® due to a strategic agreement with Airbus’ APWORKS subsidiary.
In March 2018, the company applied it refractory metals expertise to tantalum powder processing in partnership with Global Advanced Metals. Further, at the 2018 Farnborough International Airshow, LPW partnered with The Barnes Group Advisors to boost its consultancy services.
Most recently, the company opened a new £20 million powder production facility in Cheshire.
On becoming part of Carpenter Phil Carroll, founder of LPW, comments, “LPW’s innovative platforms and enabling technology further solidify Carpenter’s position as a preferred provider of end-to-end next generation Additive Manufacturing solutions,”
“I’m extremely proud of the accomplishments we’ve achieved at LPW and I’m excited to be part of Carpenter’s continued growth and leadership in AM.”
Carpenter’s acquisitions: Puris and CalRAM
Carpenter, a founding member of the GE Addtive Manufacturing Partner Network, is the provider of the CarTech core powders for additive manufacturing, including stainless steels, tool steel and copper-chromium. For titanium powders, the company acquired the assets, and production patents, of specialist additive materials producer Puris in a deal valued at $35 million.
In addition, CalRAM, a PBF and EBM technology specialist, was acquired by Carpenter at the beginning of 2018, and recently received aerospace quality certification.
Carpenter posts $572.4 million net sales in Q1 FY 2019
For the first quarter FY 2019 ended September 30, 2018, Carpenter reported a net income of $31.5 million, or $0.65 earnings per diluted share. Compared to the same period in FY 2018, net income had risen by $8.1 million from $23.4 million, or $0.49 earnings per diluted share.
Q1 FY 2019’s net sales of $572.4 million have risen by $92.6 million compared to the first three months of FY 2018, reported at $479.8 million in net sales.
Gross profit for Q1 FY 2019 was $91.7 million. Gross profit for Q1 FY 2018 was 85.7 million.
Thene comments, “Our first quarter results reflect further execution of our commercial strategy and success in capitalizing on strong market conditions partially offset by our annual preventative maintenance shutdowns at certain key work centers,”
“While this created a near-term headwind, our solutions focus continues to generate significant customer response as our backlog increased 9% on a sequential basis and 38% compared to last year.”
The full financial results of Q1 FY 2018 at Carpenter Technology Corporation can be found online here.
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Featured image shows spherical quality of Carpenter’s Puris titanium powder. Image via Puris.
