Emerging from a deep business trough during the global pandemic, magnetic alloy manufacturer Carpenter Technology is on the mend but its latest year-end report demonstrates the painful impact of the past year. Going forward, David Graf, formerly chief technology officer, has been promoted to lead its specialty alloys business segment as the company expects continued recovery in the months ahead led by its ability to serve growth trends in electrification and additive manufacturing.
For the year ended June 30, the company suffered a 33% drop in revenues as sales plummeted by more than $700 million from $2.1 billion in the previous fiscal year to $1.4 billion. The specialty alloys segment which includes its portfolio of soft magnetic alloys, stainless steel and other alloys accounts for about 85% of the company’s business. “Our fourth quarter results finished ahead of our expectations as overall end-use market conditions showed further signs of recovery,” noted Tony Thene, CEO.
Graf was named vice president and group president of the company’s Specialty Alloys Operations (SAO) in July. He previously served as vice president and chief technology officer since joining the company in 2018 from W. R. Grace where he was global research and development director. In his prior role as CTO, he led Carpenter’s research & development and quality organizations, as well as the additive manufacturing business unit. “David’s demonstrated leadership, strong business acumen and deep technical knowledge will play a pivotal role in ensuring SAO and Carpenter Technology continually deliver as the preferred solutions provider to our customers,” said Thene. For more info, see www.cartech.com.