Carpenter Becomes Exclusive Licensee of Rohm and Haas Injection Molding Process.

READING, Pa.--(BUSINESS WIRE)--June 11, 1998--To improve its metal injection molding process, Carpenter Technology Corp. (NYSE:CRS) recently finalized an agreement to become the exclusive worldwide licensee of an injection molding technology developed by Rohm and Haas Co.

"The Rohm and Haas technology represents the next generation of metal and ceramic injection molding and could allow the complete automation of the injection molding process," said Nicholas F. Fiore, senior vice president of Carpenter's Engineered Products Group.

As part of the license, Rohm and Haas also assigned to Carpenter certain patents related to the injection molding technology. Carpenter has pursued a growth strategy over the past five years, expanding its product line and geographic reach in response to customers' needs. As part of its growth strategy, Carpenter has acquired 11 companies in the past five years.

A number of those acquisitions have been formed into the company's Engineered Products Group, which offers molded ceramic, precision carbide and drawn products, and advanced ceramics.

The Engineered Products Group also includes two companies that manufacture metal injection molded parts: Parmatech Corp., in Petaluma, Calif., and Parmaco AG, in Fischingen, Switzerland, a licensee of Parmatech. Carpenter recently acquired a majority interest in Parmaco.

Parmatech now uses a three-step manufacturing process. The Rohm and Haas technology, which involves a water-based binder, combines two of those steps, reducing handling and allowing for continuous manufacturing.

For the past six months, Carpenter has been evaluating the Rohm and Haas process at Parmatech, which is expanding at its Petaluma location. In addition, the new process also may be used at Parmaco as well as for some of the ceramics Carpenter manufactures, Fiore said.

Metal injection molding typically is used for small, complex, net-shape parts that would be difficult or expensive to manufacture by other methods. Powdered metals are mixed with a binder and injection molded into a form.

The binder then is removed and resulting parts are sintered - heated to a high temperature - until they are fully dense. The water-based binder in the Rohm and Haas process can be removed in the warm-up stages of sintering, eliminating a separate debinding step.

Carpenter, headquartered in Reading, Pa., manufactures and distributes stainless steel, titanium and other specialty alloys, and various engineered products. Due to acquisitions and internal growth, the company has grown from $570 million in sales in fiscal year 1992 to $939 million in fiscal 1997 (ended June 30, 1997).

CONTACT: Carpenter Technology Corp.

Stephanie Zercher, 610/208-2132