Carpenter Technology Corporation (NYSE:CRS) today announced the appointment of Dr. Sunil Y. Widge as Senior Vice President and Chief Technology officer.
Widge, 57, will be responsible for leading process and product research & development in new material applications to meet customer and market needs, and for leading the expansion of Carpenter’s world renowned scientific capability in specialty alloy metallurgy. Widge will report directly to Anne Stevens, chairman, president and chief executive officer. Most recently, he was Vice President for Business Development and Chief Technology Officer for the Specialty Alloys Operations. He has held a variety of roles in product development, marketing, technical applications, and research and development at Carpenter.
“Sunil’s efforts and expertise have helped Carpenter gain its global reputation for innovation and consistent quality, having served in every key technical position in his 30-year career at Carpenter,” said Stevens. “He has been instrumental in establishing Carpenter’s leadership position in proprietary alloys, and this appointment reflects the high confidence in which his knowledge, leadership and business judgment are held by the entire organization.”
Widge, who received a BS in Metallurgy from the College of Engineering in Poona, India, joined Carpenter Technology in June 1976 after receiving his MS in Metallurgy and Material Science from Lehigh University. He began as an assistant metallurgist in the High Temperature Alloy operation and was promoted to positions of increasing responsibility in the years that followed, including Director of Research and Development, Vice President for Technology and Quality, and Vice President – Forged Bar Business Group and Technology.
Widge earned a PhD. in Metallurgy and Material Science from Lehigh University in 1985, and an MBA from the Wharton School of Business, University of Pennsylvania, in 1993. He is the holder of five U.S. patents. He also has held various leadership roles and committee memberships with the American Society of Metals, The Metallurgy Society, the Industrial Research Institute, and the Special Materials Processing Consortium.
Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Detailed information about Carpenter Technology can be accessed at our website: www.cartech.com.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied.The most significant of these uncertainties are described in Carpenter's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended June 30, 2006, its subsequent Form 10-Q, and the exhibits attached to those filings. They include but are not limited to: 1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, industrial, automotive, consumer, medical, and energy including power generation, or other influences on Carpenter’s business such as new competitors, the consolidation of customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; 2) the ability of Carpenter to achieve cost savings, productivity improvements or process changes; 3) the ability to recoup increases in the cost of energy and raw materials or other factors; 4) domestic and foreign excess manufacturing capacity for certain metals; 5) fluctuations in currency exchange rates; 6) the degree of success of government trade actions; 7) the valuation of the assets and liabilities in Carpenter’s pension trusts and the accounting for pension plans; 8) possible labor disputes or work stoppages; 9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; 10) the ability to successfully acquire and integrate acquisitions; and 11) the ability of Carpenter to implement and manage material capital expansion projects in a timely and efficient manner. Any of these factors could have an adverse and/or fluctuating effect on Carpenter's results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter undertakes no obligation to update or revise any forward-looking statements.
