Saturday, August 30, 2014
Inquirer Daily News

Carpenter Tech looks to build $500M factory

The Wyomissing metals manufacturer announced plans for a 400,000-square-foot plant but did not say where it will be built.

Carpenter Tech looks to build $500M factory

Carpenter Technology plans to expand manufacturing, creating some new jobs. But where?

The Wyomissing maker of stainless steel and titanium alloys said it intends to build a 400,000-square-foot factory to meet demand from the aerospace and energy industries. The project is estimated to cost $500 million, but Carpenter would say only that "several 200+ acre greenfield sites" are under consideration.

Here's what Carpenter senior vice president David L. Strobel had to say:

This facility will deploy the latest technology, and coupled with our strong experience and know-how, will serve both Carpenter and our customers well into the future. We are excited to build this into our strong list of capabilities.

We should find out soon where the company, which employs about 3,000 people, will locate the factory, because its plans call for it to be operational in 30 months.

In earnings news, Horsham-based Toll Bros. reported Q3 net income of $42.1 million, or 25 cents per share, compared with $27.3 million, or 16 cents per share. However, revenue declined to $394M from $454M.

Executives of the luxury home builder said they'd made progress in a tough market. Here's what CEO Douglas Yearley had to say:

This past quarter's results indicated some continued stabilization in the upscale housing market, albeit at a level dramatically below historical levels.

In addition, chairman Robert I. Toll cautioned the housing remains in a "fragile" state, saying:

We are hopeful, based on some recent comments out of Washington, that the Administration and Congress now recognize that housing must be healed to lift the nation out of this recession. This sentiment was echoed recently by Warren Buffett. We hope that our leaders will proceed cautiously with housing as they review options to address the deficit by ensuring that liquidity remains available to the sector and that the foundations of our system that support homeownership are not dismantled.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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