Carpenter Sells Rowe Industries

Business Wire, June 21, 1999

READING, Pa.--(BUSINESS WIRE)--June 21, 1999--

Carpenter Technology Corp. (NYSE:CRS) announced today that it has completed the sale of Rowe Industries, which manufactures silicon rubber-insulated wire and cable, to D&B Products.

The purchase price was not disclosed, although Carpenter said the proceeds were in line with the estimates received previously from investment banker Credit Suisse First Boston.

Rowe Industries was part of Talley Industries, a conglomerate that Carpenter acquired in 1998 for its specialty alloy manufacturing and distribution businesses. Based in Toledo, Ohio, Rowe had sales of $5.2 million in 1998 and employs about 35 people.

D&B Products employs 50 people at its Georgetown, Del., manufacturing facility. Among the company's products are high dielectric insulation tubing and fiberglass electric motor banding and edging tapes.

Carpenter has now closed on the sale of seven of eight Talley businesses it planned to divest. In addition to Rowe Industries, they are: Waterbury Companies Inc., John J. McMullen Associates, Universal Propulsion Co., Electrodynamics Inc., Porcelain Products Co. and Dimetrics Inc.

Carpenter manufactures and distributes stainless steels, titanium and other specialty alloys, and various engineered products. In fiscal year 1998 (ended June 30, 1998), the Reading, Pa., company had sales of about $1.2 billion. Further information about Carpenter is available on the Internet at http://www.cartech.com.