Sandvik and Carpenter dissolve joint ventures; supply agreement reached

New agreement already implemented as JVs dissolve

Sandvik Materials Technology and Carpenter Technology Corporation announced today that they will dissolve their two-year old joint ventures – Powdermet AB in Surahammar, Sweden and Carpenter Powder Products AB in Torshälla, Sweden. Instead, the two companies have agreed that the growth of their respective powder metal businesses would be better served in the form of a supply agreement, by which Carpenter will supply Sandvik. Joint development activities within near-net shape (NNS) will continue within the new set-up of cooperation.

In October 2010, Carpenter acquired a 40 percent interest in Sandvik Powdermet AB, while Sandvik AB acquired a 40 percent interest in Sweden-based Carpenter Powder Products AB.

The two joint ventures will be fully dissolved by the end of the calendar year.

About Carpenter Technology Corporation

Carpenter Technology, based in Wyomissing, PA, produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products.