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Carpenter Enters into Agreements on Former Dana Property
02/27/2012 - Carpenter Technology has entered into contractual agreements that will enable it to purchase approximately 50 acres of land, including four buildings, on the former site of Dana Corporation’s Reading operations.
Carpenter Technology Corp. has entered into contractual agreements with Reading Industrial Complex that will enable Carpenter to purchase approximately 50 acres of land, including four buildings, on the former site of Dana Corporation’s Reading operations. Total consideration for the package is approximately $6 million.
The vast majority of the property, which is located at adjacent to Carpenter’s East Shore property, is land. There are four existing buildings on the site with overall square footage exceeding 355,000 square feet. The two largest buildings are 174,311 square feet and 122,914 square feet. The remaining land (approximately 40 acres) provides opportunity for future growth.
The company said that as it prepares to develop the property, much emphasis will be placed on improved plant flow and continued investment in current capabilities.
Carpenter also noted that the purchase of this property reinforces the company’s ongoing commitment to the City of Reading and Reading manufacturing operations. The company’s current Reading-based investment projects total approximately $125 million.
Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels, and superalloys.
