Carpenter Technology Enters into Agreements on Former Dana Property

WYOMISSING, Pa., Feb 24, 2012 (BUSINESS WIRE) — Carpenter Technology Corporation announced today that it has entered into contractual agreements with Reading Industrial Complex that gives Carpenter the ability to purchase approximately 50 acres of land, including four buildings, on the former site of Dana Corporation’s Reading operations for a total consideration of approximately $6 million.

The site is located at W. Robeson and Weiser Streets, adjacent to Carpenter’s East Shore property. The vast majority of the property is land. There are four existing buildings on the site with overall square footage exceeding 355,000 square feet. The two largest buildings are 174,311 sq. ft and 122,914 sq. ft. The remaining land (approximately 40 acres) provides opportunity for future growth. As Carpenter prepares to develop the property, much emphasis will be placed on improved plant flow and continued investment in current capabilities.

Today’s announcement reinforces Carpenter’s ongoing commitment to the City of Reading and Reading manufacturing operations. Current Reading-based investment projects total approximately $125 million.

Source: Carpenter Technology/Market Watch

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– Bryan E. Cole
NAI Keystone Commercial and Industrial

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; representing buyer, tenant, and landlord representation throughout Pennsylvania.