Carpenter Technology has established a strategic partnership with Sandvik Materials Technology to further strengthen its position in high-performance powder-metal products. As part of the joint-venture arrangement, Carpenter Technology will acquire a 40% interest in Sandvik Powdermet AB, and Sandvik AB will acquire a 40% interest in Carpenter Powder Products AB. The joint venture will provide Carpenter with access to Sandvik Powdermet AB's market for near-net-shape powder products and will ensure Sandvik's long-term supply of high-quality powder.

Carpenter Powder Products AB, a unit of Carpenter Technology based in Torshalla, Sweden, manufactures high-alloy powder and is currently one of Sweden-based Sandvik Powdermet AB's major suppliers. The cooperation is expected to provide accelerated growth opportunities for both companies in powder-metal markets. The two businesses will continue to operate under their current respective brands, Carpenter and Sandvik.