A PYMNTS Company

Proposed FTC settlement for Carpenter-Latrobe deal calls for divesting assets for manufacturing aerospace metal alloys

 |  February 29, 2012

A proposed settlement by the FTC requires Carpenter Technology Corporation to divest assets for manufacturing two metal alloys for its proposed acquisition of Latrobe Specialty Metals. The divestiture would settle charges that the deal would otherwise create a monopoly in the U.S. market for MP159 and Aerospace MP35N, two alloys used in the aerospace industry, in violation of the FTC Act and Section 7 of the Clayton Act. The $410 million deal would merge the only companies that makes the alloys. The settlement calls for divesting assets to Eramet, an integrated mining and metallurgy company.

Source: FTC Press Release