Carpenter Technology announced that it will construct a new 400,000-square-foot state-of-the-art manufacturing facility in response to strong customer demand for premium products primarily in the fast-growing aerospace and energy industries. The new facility, which is expected to be operational in approximately 30 months, will ultimately be capable of producing approximately 27,000 tons per year of additional premium product. It will include remelting, forge and associated finishing and testing capabilities.

The facility will be built on one of several 200-acre greenfield sites currently under consideration and will cost approximately $500 million. The investment will enable Carpenter to support the increased demand related to the Latrobe (pending), Amega West and Oilfield Alloys acquisitions. It will also support increased demand expected from the sales of new technologies the company plans to commercialize over the coming years.