(Photo Credit: Carpenter Technology Corporation)
More and more manufacturers are taking advantage of tax reform and an improving business climate to grow their business and expand their facilities. Companies like Lockheed Martin and Honeywell International have announced major investments so far this year. Smaller manufacturers like Ohio-based Sheffer Corporation or Pennsylvania-based H&K Equipment have unveiled plans to invest in their businesses and their workforce as well.
Carpenter Technology Corporation, a leading producer and distributor of premium specialty alloys based in Pennsylvania, revealed plans this week to invest $100 million to expand its manufacturing facility in Reading, Pennsylvania:
Carpenter Technology Corp., a Philadelphia-based manufacturer and distributor, said it would invest $100 million in technology and equipment for its Reading plant.
The company made the announcement this morning for an investment that would add soft magnetics capabilities and a new precision strip hot rolling mill in its Reading facility to help meet increasing demand for customers in the aerospace, consumer electronics and electric vehicle manufacturing industries.
Carpenter Technology President and CEO Tony Thene said in a statement that the historic tax reform bill signed into law last year played a major role in the company’s decision to make the investment:
Tony Thene, Carpenter Technology president and CEO, said in a statement that the recently enacted Tax Cuts and Jobs Act prompted the investment.
“Given these significant market opportunities and the benefits associated with the recently enacted Tax Cuts and Jobs Act, we have decided to accelerate further investment in our business,” Thene said. “With more than 90 percent of our products manufactured in the U.S., this type of capital investment will strengthen our foundation for long-term sustainable growth, provide good-paying jobs and increase value for stakeholders for years to come.”
Carpenter Technology expects to save nearly $100 million over the next five years due to tax reform and plans to boost capital investment in its U.S. manufacturing operations. The company employs more than 4,000 workers.
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