Company to build $500 million plant in N. Ala. - WSFA.com Montgomery Alabama news.

Company to build $500 million plant in N. Ala.

HUNTSVILLE, AL (WSFA) -

Carpenter Technology Corporation (NYSE: CRS) has selected Limestone County in North Alabama as the location to construct its new 400,000 square foot state-of-the-art manufacturing facility that was announced last August.

Governor Robert Bentley's office says the new plant will create 203 direct jobs and 38 indirect jobs.

"We are very pleased that Carpenter has shown its confidence in our workforce and our workforce training programs by investing more than $500 million in our state," said Alabama Development Office Director Greg Canfield...We are proud that they have chosen to become Alabama's newest corporate citizen. We will continue to work with Carpenter in hopes that they will find Alabama an excellent place both to live and do business and expand their presence in our state over the next few years."

The company said the new facility is being built in response to strong customer demand for premium alloy products, primarily in the fast-growing aerospace and energy industries. The new facility will ultimately be capable of producing approximately 27,000 tons per year of additional premium product and will be designed with modern technology and optimum product flow to meet customer requirements for reduced lead times.

The approximately 230-acre site is located near Athens, Alabama in the Huntsville Metropolitan  Area. The flat, open tract of land is in an area that will allow relatively easy construction, flexibility for future growth and expansion, and access to a strong pool of skilled workers.

"The site selection process began with about 250 worldwide locations, and we narrowed it down to a dozen, including two Pennsylvania locations," said William A. Wulfsohn, President & CEO. "After further analyzing state, county and local incentives, utility costs, and labor resources, we felt Limestone County provided the best opportunity for us to expand our core business. The state of Alabama and local government entities put together a very compelling package including various tax initiatives, infrastructure grants, and training programs."

The facility is expected to be operational in about 30 months, and has a total cost of approximately $500 million including remelting, forging, and associated finishing and testing capabilities.

The acquisition of the new Alabama site is subject to various closing conditions.

Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys.

INFORMATION SOURCE:  Carpenter Tech. Corp.

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