Carpenter Technology completes $35M acquisition of West Virginia manufacturer

The purchase price was $35 million. The acquisition included Puris’ manufacturing assets, patents and related intellectual property.

“This acquisition will provide Carpenter with immediate entry into the rapidly expanding titanium powder market and is consistent with our strategic focus on strengthening our leadership position in important growth areas,” Tony Thene, president and CEO of Carpenter, said last month.

Operations will continue at Puris’ existing production site in West Virginia.

The facility will operate as a functional unit of Carpenter Powder Products.

“The addition of titanium powder to Carpenter’s existing capabilities is significant due to the current and anticipated demand increases from the additive manufacturing industry, which produces mission critical parts supplied to aerospace and medical markets, as well as other markets,” said Stephen Peskosky, vice president of corporate development at Carpenter.

Carpenter produces and distributes premium alloys, including special alloys, titanium alloys and powder metals, as well as stainless steels, alloy steels and tool steels.