Carpenter Technology Corporation plans to invest US$100 million in soft magnetics capabilities and a new strip hot rolling mill in its Reading, PA facility.
‘Carpenter’s industry leading capabilities in the field of soft magnetic technology for the Aerospace and Defense end-use market has created a strong platform for growth over the next several years,’ said Tony Thene, Carpenter president and CEO. ‘Given these significant market opportunities and the benefits associated with the recently enacted Tax Cuts and Jobs Act, we have decided to accelerate further investment into our business. With more than 90% of our products manufactured in the US, this type of capital investment will strengthen our foundation for long-term sustainable growth.’
Carpenter says that it estimates recent legislation will reduce cash taxes by approximately US$90-$100 million over the next five years and plans to use the savings to increase its capital investment in US manufacturing operations. The new mill could increase overall capacity and offer greater flexibility in processing alloys for soft magnetics applications in the aerospace, consumer electronics and electric vehicle markets. Soft magnetics are materials that can be easily magnetized and de-magnetized and are indispensable in modern electrical engineering and electronics applications.
This story uses material from Carpenter, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.