Bulletin: Carpenter Technology Corp. Ratings Unaffected By Latrobe Acquisition Announcement Jun 11
- ID: 1831996
- June 2011
- Standard & Poors
NEW YORK (Standard & Poor's) June 20, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Wyomissing, Pa.- based Carpenter Technology Corp. (BBB/Stable/--) are unchanged by the company's announcement that it is acquiring Latrobe, Pa.-based Latrobe Specialty Metals Inc. for total consideration of approximately $560 million, consisting of 8.1 million shares of stock and $170 million of cash to repay Latrobe's debt and for transactions costs. Latrobe is a producer and distributor of high-performance specialty metals and alloys for the commercial aerospace, defense, energy and industrial markets. The transaction is expected to close by Sept. 30, 2011, subject to shareholder and regulatory approvals. In our view, this transaction supports what we consider to be Carpenter's satisfactory...
Companies mentioned in this report are: Carpenter Technology Corp.
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