Carpenter technology announces press outage at reading facility and provides updated second quarter fiscal year 2022 outlook

Philadelphia, dec. 20, 2021 (globe newswire) -- carpenter technology corporation (nyse: crs) (the “company”) today announced an unplanned outage of its 4500 ton press at its reading, pa facility due to a mechanical failure. the press is a piece of highly specialized equipment that is critical to producing materials for aerospace and select other end-market applications. with the majority of the necessary spare parts already on-hand, the repairs are currently expected to take 45 to 60 days to complete. in addition, certain planned maintenance activities for the balance of the year have been pulled forward to be performed during this outage. these activities are expected to eliminate 14 days of planned maintenance downtime for the press for the balance of the current fiscal year.
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