Carpenter Reorganizes, Leading to Promotions for Two Executives.

Business Editors

WYOMISSING, Pa.--(BUSINESS WIRE)--Feb. 2, 2000

Carpenter Technology Corporation (NYSE:CRS) announced today that a corporate reorganization had combined business units within the specialty materials company, creating two groups.

Carpenter's Board of Directors elected Robert J. Torcolini, 49, an executive officer and senior vice president of Engineered Products Operations. Torcolini's organization will include Dynamet, a Carpenter subsidiary that primarily makes titanium products, and the company's former Engineered Products Group.

The latter is a collection of companies -- all engaged in the manufacture of complex, made-to-order parts - that was created by acquisitions in the 1990s. The new group has manufacturing, sales and distribution operations in North America, Europe, Asia and Australia.

The Board further elected Michael L. Shor, 40, an executive officer and named him senior vice president, Specialty Alloys Operations. The group encompasses Carpenter's traditional specialty metals businesses and has sales, manufacturing and distribution operations in North America, Europe and Asia.

Both Torcolini and Shor will continue to report to Dennis M. Draeger, Carpenter's president and chief operating officer.

&uot;Bob and Mike give Carpenter the leadership required to further improve financial performance and grow the company around the world,&uot; Draeger said.

Carpenter also announced that senior executive, Nicholas F. Fiore, Ph.D., would be retiring June 30. Fiore, 60, joined Carpenter in 1990 as vice president for Research and Development, with the added responsibility of identifying growth areas for what had been a regional, specialty metals company. Fiore served as the architect for Carpenter's strategy to become a global, specialty materials company.

&uot;Nick's efforts led Carpenter into a series of strategic acquisitions, taking us into the manufacture of engineered products from both ceramic and metallic materials,&uot; Draeger said. &uot;He accelerated Carpenter's presence abroad and forever changed our view of the possibilities before Carpenter.&uot;

Well known and respected in the material science industry, Fiore is a former chairman of University of Notre Dame's Department of Metallurgy and Materials Science. A fellow and member of the Board of Trustees of the American Society of Metals (ASM) International , Fiore received awards from both the Lehigh Valley and Philadelphia ASM chapters in 1996.

Torcolini joined Carpenter in 1973 as an assistant physicist. He later held management positions in Technical Services and Manufacturing. Most recently he was president of Carpenter's Dynamet organization, which is based in Washington, Pa.

Torcolini holds a bachelor's degree in physics from East Stroudsburg State College. He graduated from Harvard Business School's advanced management program in 1996.

Shor joined Carpenter in 1981 as an assistant metallurgist. During his career, he has held management positions in Technical Services, Manufacturing, and Sales and Marketing. Most recently he was vice president, Manufacturing, Specialty Alloys Operations, with responsibility for plants in Pennsylvania, Ohio and South Carolina.

Shor holds a bachelor's degree in metallurgical engineering from Lafayette College and an MBA from St. Joseph's University.

Carpenter manufactures and distributes specialty alloys and various engineered products of metallic and ceramic materials. In fiscal year 1999 (ended June 30, 1999), the company had sales of about $1 billion.