Carpenter, Sandvik Dissolve JVs; Reach Supply Agreement
Carpenter Technology Corp. and Sandvik Materials Technology will dissolve their two-year-old joint ventures – Powdermet AB in Surahammar, Sweden, and Carpenter Powder Products AB in Torshälla, Sweden. The companies agreed that the growth of their respective powder-metal businesses would be better served in the form of a supply agreement, by which Carpenter will supply Sandvik. Joint development activities within near-net shape (NNS) will continue within the new set-up of cooperation. In October 2010, Carpenter acquired a 40% interest in Sandvik Powdermet, while Sandvik acquired a 40% interest in Sweden-based Carpenter Powder Products. The two joint ventures will be fully dissolved by the end of 2012.