Carpenter Technologies moving headquarters from Readng area to Philly, Reading Eagle reports

Tom Paine

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One of Berks County's largest employers, Carpenter Technologies, which produces and distributes premium alloys, including special alloys, titanium alloys and powder metals, is moving its headquarters to Philadelphia, the Reading Eagle reported today.

Spring Township-based Carpenter expects that the new Philadelphia location will ultimately be home to about 100 positions. About 2,300 Carpenter personnel will remain in the Reading area, and the company says it employs 3300 statewide.

“Carpenter is positioning itself for continued growth,” Carpenter President and CEO Tony R. Thene said in a statement. “As we have expanded our manufacturing footprint and sales presence over the past decade, it has become more important to raise our visibility, broaden our talent pool, and improve access to our customers and partners.

The exact timing of the move hasn't been determined.

I'm sure Berks will not be happy about losing one its largest headquarters.

Carpenter Technology is traded on the NYSE (CRS). In its most recent fiscal year ending June 30 2015, it reported revenue of $2.2 billion and net income of $59 million. Its market capitalization is almost $1.2 billion.