Carpenter Sells Phoenix-based Talley Unit.READING, Pa.--(BUSINESS WIRE)--Oct. 26, 1998--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 ) Monday announced that it has closed on its sale of Phoenix-based Universal Propulsion Co. (UPCo) to The BFGoodrich Company. The purchase price was not disclosed. Carpenter indicated that the waiting period required under provisions of the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976 had expired. UPCo is part of the Talley Industries conglomerate that Carpenter acquired in the past year. The company makes systems that activate ejection seats, airplane evacuation slides, automotive air bags and related products. UPCo was one of the largest Talley units, with $24.2 million in revenue in 1997. Carpenter has retained the two metals businesses of Talley and is in the process of divesting Talley's industrial and government supply businesses. UPCo is the third divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). to be completed. Carpenter expects to complete the sale of three other Talley businesses - Talley Defense Systems Inc., 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. and Porcelain Products Co. - in November. Carpenter, based in Reading, makes and distributes stainless steels, specialty alloys and various engineered products. In fiscal 1998 (ended June 30, 1998), Carpenter had sales of approximately $1.2 billion. Further information about Carpenter can be found on the Internet, at http://www.cartech.com. |
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