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Carpenter Technology's CEO Hosts Investor & Analyst Conference Call (Transcript)

Now, moving on to acquisitions, I remember that when I first started talking about acquisitions at a meeting like this, I referred to strategic acquisitions and somebody kind of came up afterwards and said, I don’t like that part of your strategy. And I said, why not? And they said, well, because strategic means that you’re going to buy it and you’re going to say that is strategic, and you are going to say that, it brings on your earnings, but it’s going to pay off in the long run.

And so we quickly changed our language too, we want strategic, but we really want accretive acquisitions. And that’s what we’ve done. We’ve done five acquisitions, our largest is Latrobe. We’re very proud of bringing that team, that business. We have representative from the business here with us today. And what you find in the business is that, you have roughly 76% of their business, is in the aerospace and energy, what a great match?

And that in fact, it was an acquisition that was immediately accretive, during its first four months, and we expect that it will add over 10% to our EPS in fiscal year 2013. And there is roughly $25 million with the synergies, which you’re going to hear, there is opportunity for upside on, which is forthcoming if you will over the years to come.

The integration has gone very well. We are tracking ahead of the expectations and we put a couple of codes on here. We have our couple of new board members that came with a deal, and we are very pleased bringing very interesting and great perspectives to the board. And they as some of you may know, when they said that, they were willing to bring the companies together, they had no interest in getting cash for their position in Latrobe.

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