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Carpenter Technology Corporation Inc. announced Tuesday its fourth-quarter profits improved to $40.8 million from $25.5 million last year.
The Wyomissing, Pennsylvania-based company is building a new $500 million specialty alloys facility in southern Limestone County, just north of Calhoun Community College.
Carpenter issued 8.1 million shares of common stock as part of a February acquisition of Latrobe Specialty Metals. The weighted average impact was 8.1 million and 2.7 million shares for the three months and year ended June 30.
“We had a very strong finish to an excellent year,” said William A. Wulfsohn, president and chief executive officer. “In addition, we have started construction of our new $500 million state of the art premium products facility in Alabama. When completed in April, 2014, this facility will provide the capacity needed to support industry demand through the remainder of the decade and enable Carpenter to significantly reduce lead times. All of these actions support our customers’ growth needs and will have a positive impact on the size, scope and profitability of our business for years to come.”
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