Titanium Metals Corporation (TIMET) and Carpenter Technology Corporation announced joint agreements under which TIMET will supply Carpenter with titanium metal and scrap melting services and Carpenter will provide specialized titanium conversion processing to TIMET. Under the supply agreement, TIMET will supply Carpenter with titanium metal and toll melting services for Carpenter’s titanium scrap at agreed upon prices for a minimum of 12 years and a maximum of 20 years.
Under terms of the processing agreement covering the same period, Carpenter will provide TIMET with forging and related processing services at agreed-upon prices for TIMET’s titanium products. According to Carpenter, the agreements will help increase the operating efficiency of their Reading, Pa., operations and represent a long-term source of titanium for their Dynamet subsidiary.
TIMET, Carpenter Technology Enter into Agreements
October 25, 2007