Carpenter Technology Corp. and Latrobe Specialty Metals, Inc.

Last Updated:
In the Matter of Carpenter Technology Corporation and Latrobe Specialty Metals, Inc.
FTC Matter/File Number:


Docket Number:


Enforcement Type:

Part 2 Consents

Case Summary

On 2/29/2012, the FTC required specialty metals manufacturer Carpenter Technology Corporation to sell assets involved in producing two metal alloys used in the aerospace industry, under a proposed settlement resolving charges that Carpenter's proposed $410 million acquisition of Latrobe Specialty Metals, Inc. would harm competition in the U.S. markets for these alloys.The FTC's complaint alleges that Carpenter and Latrobe are the only companies that make these highly specialized alloys, and that the combination of the two companies would be anticompetitive in the U.S. markets for both alloys. The deal – a merger to monopoly – likely would lead to higher prices for consumers of the two alloys, in violation of the FTC Act and Section 7 of the Clayton Act, according to the complaint. On 4/13/2012, the FTC issued its final order requiring Carpenter divest assets necessary for manufacturing the two alloys – MP159 and Aerospace MP35N – to another metals manufacturer, Eramet S.A.