Printer Friendly

CARPENTER TECHNOLOGY COMPLETES CLOSING ON TAIWANESSE JOINT VENTURE

 READING, Pa., Sept. 7 /PRNewswire/ -- Carpenter Technology Corporation (NYSE: CRS) announced today that it has closed on its $45 million investment in Walsin-CarTech in Taiwan.
 Walsin-CarTech, a joint venture between Carpenter and Walsin Lihwa Corporation, is currently building a steel plant in southern Taiwan with an estimated annual production capacity of 200,000 metric tons. When operational in mid-1994, the plant will produce and distribute stainless and carbon steel bar, rod and wire products for world markets.
 The joint venture company also will distribute Carpenter's Steel Division products in Asia. Carpenter will be the exclusive distributor of Walsin-CarTech products in North, Central and South America.
 Carpenter owns a 19 percent equity position in Walsin-CarTech, with the option to increase that to 35 percent prior to July 1, 1996.
 Walsin Lihwa, based in Taipei, had sales in 1992 of U.S.$411.7 million, principally from wire and cable products.
 Carpenter, based in Reading, manufactures and sells specialty metals in long-product form (bar, rod, wire, strip, billet). In fiscal 1993, the company had sales of $576 million.
 /delval/
 -0- 9/7/93
 /CONTACT: Katharine Marshall, manager, communications and administrative services, of Carpenter Technology, 215-208-3034/
 (CRS)


CO: Carpenter Technology Corporation; Walsin Lihwa Corporation ST: Pennsylvania IN: MNG SU: JVN

MJ-MK -- PH014 -- 9391 09/07/93 14:23 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 7, 1993
Words:216
Previous Article:FUJISAWA SUBMITS NEW DRUG APPLICATIONS TO FDA FOR FK-506
Next Article:APCO ARGENTINA INC. DECLARES THIRD-QUARTER 1993 DIVIDEND
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters