Carpenter Technology (CRS) To Invest $100M In Reading Mill

 | Mar 27, 2018 10:35PM ET

Carpenter Technology Corporation (NYSE:CRS) will invest $100 million in soft magnetics capabilities and a new, precision strip hot rolling mill in its Reading, PA facility. This move will help meet increasing demand of aerospace, consumer electronics and electric vehicle manufacturing customers.
Carpenter Technology’s soft magnetic technology has enabled it to develop a strong growth platform in the Aerospace and Defense end-use market. Additionally, the company’s CarTech Hiperco family of soft magnetic alloys provide customers with enhanced electronic properties and significant design flexibility to improve performance.
The company has decided to make additional investments in its businesses after evaluating the market opportunities and benefits associated with the recently enacted Tax Cuts and Jobs Act. With this investment, Carpenter Technology will be able to drive long-term sustainable growth. Also, it will be able to provide good-paying jobs and increase value for shareholders in the near future.
In the last six months, the company shares have lost 9.7%, underperforming the

Carpenter Technology Corporation Quote

Zacks Rank & Stocks to Consider

Carpenter Technology has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are LyondellBasell Industries N.V. (NYSE:LYB) , Kronos Worldwide Inc. (NYSE:KRO) and BASF SE (OTC:BASFY) .
LyondellBasell has an expected long-term earnings growth rate of 9% and sports a Zacks Rank #1 (Strong Buy). The company’s shares have moved up 14.6% in a year. You can see Zacks Investment Research
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Written By: Zacks Investment Research

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