Carpenter Technology Corporation
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| Public company | |
| Traded as | : CRS S&P 400 Component |
| Industry | Steel |
| Founded | June 1, 1889 |
| Founder | James Henry Carpenter |
| Headquarters | Philadelphia, Pennsylvania |
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Area served
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Global |
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Key people
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Tony R. Thene, President & CEO |
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Production output
|
242,560 pound sold (2016) |
| Revenue |  US$1.813 billion (2016) |
| US$0.051 billion (2016) |
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| US$0.011 million (2016) |
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| Total assets | US$2.794 billion (2016) |
| Total equity | US$1.104 billion (2016) |
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Number of employees
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4,500 (June 30, 2016) |
| Website | www.cartech.com |
Carpenter Technology Corporation develops, manufactures and distributes cast/wrought and powder metal stainless steels and special alloys including high temperature (iron-nickel-cobalt base), stainless, superior corrosion resistant, controlled expansion alloys, ultra-high strength and implantable alloys, tool and die steels and other specialty metals, as well as cast/wrought titanium alloys. It also manufactures and rents down-hole drilling tools and components used in the oil and gas industry.
It is headquartered in Reading, Pennsylvania and maintains manufacturing and distribution operations throughout the United States, Mexico, Europe and Asia.
The company's revenues in fiscal year 2016 were derived from the following industries:
The company was founded by James Henry Carpenter and a small group of New York City investors on June 1, 1889 as the Carpenter Steel Company. He envisioned methods to improve the process of steel manufacturing.
In May 1890, the company received a contract from the U.S. Secretary of the Navy to develop armor-piercing projectiles. James Carpenter had received a patent for an "air-hardening steel" manufacturing process. In November 1896, the Navy referred to the company's projectiles as "the first made that would pierce improved armor plate." In the Spanish–American War of 1898, the routing of the Spanish fleet at Manila Bay was credited in part to projectiles made by Carpenter.
The burgeoning automobile industry of the early 20th century led to several advancements at the company. In 1905, the company developed a prime grade chrome-nickel steel and by 1908 it had created ten other steels that were used to make automobile chassis. Most of the "runabout" vehicles of the day ran on Carpenter steel, and "Old 16," the race car that won the Vanderbilt Cup in 1908, comprised front and rear axles, crankshaft, gears, and other parts fabricated from Carpenter steel.
In 1903, Carpenter's "special" steels were used in the engine of the Wright brothers' maiden flight.
After the United States entered World War I, munitions and supplies became the company's top product. The Reading plant operated on 24-hour shifts, producing everything from tool steels to soldiers' safety razor blades. During the war, the company put into operation 4 new electric-arc furnaces, which allowed greater control over the melting process than the old crucible furnaces. In December 1917, the company manufactured its first high-strength, chemical-resistant stainless steel which was immediately used in airplane engine components, cutlery, and spark plugs.
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Wikipedia