Carpenter Sells Final Talley Business Unit.WYOMISSING, Pa.--(BUSINESS WIRE)--June 30, 1999-- Carpenter Technology Corp. (NYSE NYSE See: New York Stock Exchange :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ) announced today that it has completed the sale of Talley Defense Systems Inc., which designs, develops and produces propellant-based products for defense and commercial customers, to an employee stock ownership plan (ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ) and key members of the existing management of the company. The purchase price was not disclosed, although Carpenter said the proceeds were in line with the estimates received previously from investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . Talley Defense Systems was part of Talley Industries, a conglomerate that Carpenter acquired in 1998 for its specialty alloy manufacturing and distribution businesses. Carpenter now has closed on the sale of all the Talley businesses it planned to divest. In addition to Talley Defense Systems, they are: Waterbury Companies Inc., John J. McMullen Associates, Universal Propulsion Co., Electrodynamics electrodynamics, study of phenomena associated with charged bodies in motion and varying electric and magnetic fields (see charge; electricity); since a moving charge produces a magnetic field, electrodynamics is concerned with effects such as magnetism, Inc., Porcelain Products Co., Dimetrics Inc. and Rowe Industries Inc. Talley Defense Systems products are found in a variety of critical defense and safety applications, including automotive airbags, solid propellant gas generators and rocket motors. Based in Mesa, Ariz., the company had sales of $26.5 million in 1998. Carpenter manufactures and distributes stainless steels, titanium and other specialty alloys, and various engineered products. In fiscal year 1998 (ended June 30, 1998), the Wyomissing, Pa., company had sales of about $1.2 billion. Further information about Carpenter is available on the Internet at http://www.cartech.com. |
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