February 3, 2017 - Carpenter Technology Corp. signed an agreement to purchase Puris LLC, a Bruceton Mills, West Virginia, producer of titanium powder for additive manufacturing and advanced technology applications, for $35 million.
“This acquisition will provide Carpenter with immediate entry into the rapidly expanding titanium powder market and is consistent with our strategic focus on strengthening our leadership position in important growth areas,” said Tony Thene, Carpenter’s president and CEO.
“Puris brings industry leading technology and processes for the production of titanium powder, additive manufacturing part production capabilities, a talented team, attractive intellectual property, and established customer relationships,” he says. “Coupled with Carpenter’s premium alloys and global reach, Puris will allow us to further deliver on the growing needs of our customers.”
As a result of the transaction, Carpenter will enter the titanium powder market significantly earlier than previously planned and will reduce its planned fiscal year 2017 capital expenditures by $20 million.
Operations will continue at the existing site, which is well positioned for future expansion and will operate as part of Carpenter Powder Products, which produces metal powders.
Stephen Peskosky, Carpenter’s vice president of corporate development, says Puris’ capabilities will be significant “due to the current and anticipated demand increases from the additive manufacturing industry, which produces mission-critical parts supplied to aerospace and medical markets,” among others.
The Puris team includes pioneers in the evolution of spherical titanium powder atomization and utilizes world-leading technology and processes for producing titanium and other pre-alloyed powders of the highest integrity.
The transaction is expected to close no later than March 31.