-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JL69IsPXaCF9yGz9Z7a32k1aSVhA9Mk8Gk0xBQ9+OqlNP3SRDHdzH9xeuu+Gulii kLcIUL5fMxo3fT0GAt+O5A== 0000017843-96-000005.txt : 19960329 0000017843-96-000005.hdr.sgml : 19960329 ACCESSION NUMBER: 0000017843-96-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960319 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960328 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARPENTER TECHNOLOGY CORP CENTRAL INDEX KEY: 0000017843 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 230458500 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05828 FILM NUMBER: 96539927 BUSINESS ADDRESS: STREET 1: PO BOX 14662 CITY: READING STATE: PA ZIP: 19612-4662 BUSINESS PHONE: 2152082000 MAIL ADDRESS: STREET 1: P O BOX 14662 CITY: READING STATE: PA ZIP: 19612-4662 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report - March 19, 1996 -------------------------------- (Date of Earliest Event Reported) Carpenter Technology Corporation ----------------------------------------------------- (Exact Name of Registrant as specified in its charter) Delaware 1-5828 23-0458500 - ------------------------ --------------------- ------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 101 West Bern Street, Reading Pennsylvania, 19601 ------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (610) 208-2000 The Exhibit Index is located on Page 4 of 7 Page 1 of 7 Item 5. Other Events. ------------ The Registrant announced on March 19, 1996, that the Registrant will exercise a portion of its option to reduce its investment in Walsin-CarTech Specialty Steel Corporation, a carbon and stainless steel rod mill in Taiwan ( Walsin-CarTech ). The Registrant and Walsin Lihwa Corporation of Taiwan entered into a joint venture in September 1993 under which the Registrant paid $45 million for a 19% share of Walsin-CarTech. During March of 1996 Walsin Lihwa will purchase a portion of the Registrant s shares of Walsin-CarTech sufficient to reduce the Registrant s ownership to 5%. The Registrant will receive a return of $33 million of its original investment in Walsin-CarTech. The Registrant will continue to provide know-how and technical assistance to Walsin-CarTech. Item 7. Financial Statement and Exhibits. -------------------------------- (a) and (b) None. (c) Exhibits: Item 99. Press Release dated March 19, 1996. Page 2 of 7. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 27, 1996 CARPENTER TECHNOLOGY CORPORATION (Registrant) /s/John R. Welty By:____________________________ John R. Welty Vice President General Counsel and Secretary Page 3 of 7 EX-99 2 EXHIBIT INDEX EXHIBIT INDEX Sequential Exhibit Description Page Number - ------- ----------- ----------- Item 99 Press release dated March 19, 1996 5 Page 4 of 7. EX-99 3 PRESS RELEASE Financial Mr. John A. Schuler Treasurer Phone: (610)208-2165 Media Ms. Katharine B. Marshall Manager - Communications IMMEDIATE RELEASE Phone: (610)208-3034 CARPENTER REDIRECTS ASIAN STRATEGY Reading, PA (March 19, 1996) -- Carpenter Technology Corporation (NYSE:CRS) announced today that it will exercise a portion of its put option with Walsin Lihwa Corporation of the Republic of China (Taiwan), lowering its ownership in their Walsin-CarTech Specialty Steel Corporation, a carbon and stainless rod mill joint venture in Taiwan, to 5 percent from 19 percent. Walsin Lihwa will purchase the shares later this month. Carpenter originally purchased the 19 percent interest in September 1993 for $45 million. The reduced investment will result in a return of $33 million to Carpenter. Carpenter will continue to provide know-how and technical assistance to the venture. Carpenter recently announced a $125 million capital expenditure program in the U.S. over and above its normal capital spending plans in order to meet the growth requirements of its customers in the U.S. The reduction in ownership in the Taiwan mill does not reflect a change but, rather a redirection of Carpenter's strategic efforts in Taiwan and the Asian markets. Simultaneously, Carpenter announced four initiatives which will increase its involvement in Taiwan and Asia in the high technology specialty alloy and specialty materials business segments. The rapid expansion of these segments in Asia has led both Carpenter and Walsin Lihwa to mutually agree to modify the nature of their cooperative efforts. In the first initiative, Carpenter has signed a memorandum of understanding with Walsin Lihwa Corporation to pursue business opportunities in stainless and specialty steel distribution and processing in Taiwan. Carpenter will be the majority shareholder. Secondly, Carpenter will expand its sales presence in Asia by establishing a sales office in Singapore, although its Taipei office will remain Carpenter's Asian business development headquarters. Third, Carpenter has entered into a letter-of-intent with Taiwan's Aero Industry Development Center to become a preferred supplier of special alloys and ceramics for aerospace and stationary power generation turbines. Finally, Carpenter has signed a memorandum of understanding with the Industrial Technology Research Institute of the Ministry of Economic Affairs to engage in joint development activities related to the commercialization of advanced ceramics manufacturing technology for electronic and structural markets. (more) Carpenter Technology Corporation March 19, 1996 Reading, PA Page 2 "Taiwan is a rapidly developing economic area and one of the centers of Asian business growth," said Robert W. Cardy, Chairman, President and Chief Executive Officer. "The initiatives which we announced today will allow Carpenter to better focus on the high technology alloy and specialty materials markets which are at the center of our strategic thrust. Moreover, they will allow us to maintain our excellent working relationship with Walsin Lihwa and the government of the Republic of China as we branch out from Taiwan into other Asian markets." Carpenter, headquartered in Reading, Pennsylvania, manufactures high performance alloys and specialty steel products for automotive, aerospace, electronics and other industries worldwide. The Company also manufactures structural ceramic components and metal injection molded parts for specialty applications. Carpenter has approximately 4,400 employees throughout the world, including 2,800 in Reading. # # # -----END PRIVACY-ENHANCED MESSAGE-----