Published on February 8th, 2017 | by Geetika Bhasin
Carpenter Technology Corporation buys Puris for $35 million USD
Carpenter Technology Corporation has acquired Puris, a giant titanium powder producer, for an estimated $35 million USD. Carpenter Technology is a major producer, developer, and distributor of metals and alloys and this deal will see the company overtake all the assets and business of Puris.
As the use of 3D printing technology is growing, the market for 3D printing market is also expanding. The figure is set to reach a $639.9 million by 2020. Tony Thene, the CEO, and president of Carpenter said that this move will strategically position the company in the titanium powder market and will strengthen its hold in the growth areas.
With Puris under Carpenter’s umbrella, the company’s reputation as a strong supplier and manufacturer of alloys and metals will be established further. The Puris team consists of intellectual and experienced employees; it has the most advanced technologies for producing titanium powder and has a strong customer base. With the expertise of Puris, Carpenter will expand its global reach and effectively deliver goods as per the customer’s needs.
This move by Carpenter came earlier than expected and the company will reduce its fiscal year 2017 expenditure by almost $20 million. The operations of Puris will continue as before at its original workplace at Bruceton Mills, WV.
The 3D printed powder market is expected to grow at phenomenal rates in the next few years. Metal powders are the most used 3D printed powders as of now. Carpenter is one of the leading companies in the US and has now surfaced as one of the most 3D printing powder companies in the global market. North America is a huge market and will reign in the 3D printing scenario in the next few years. The Carpenter-Puris deal will wrap-up by the end of March 2017.