Carpenter Technology Corp. will invest $100 million in soft-magnetics capabilities and a new precision-strip hot-rolling mill at its Reading, Pa., facility to help meet increasing demand from aerospace, consumer-electronics and electric-vehicle manufacturing customers. The mill will increase overall capacity and offer greater flexibility in processing alloys for highly specialized soft-magnetics applications.

Sophisticated equipment, special processes and highly controlled atmospheric conditions are required to produce soft-magnetic alloys to meet stringent specifications. According to Carpenter, this type of capital investment will strengthen its foundation for long-term sustainable growth and provide good-paying jobs.