Katharine Marshall
                                               Manager-Communications
                                               & Admin. Services
IMMEDIATE RELEASE                              (215) 208-3034

              CARPENTER TECHNOLOGY CONTINUES GROWTH STRATEGY 
              BY ACQUIRING N.J. STRUCTURAL CERAMICS COMPANY 

     Reading, PA (May 19, 1994) -- As part of its strategy to
grow by entering new specialty materials businesses, Carpenter
Technology Corporation (NYSE: CRS) announced today that it has
agreed to acquire the stock of Certech Inc. and its affiliated
companies for an undisclosed price.
      Certech, a privately held company headquartered in Wood-
Ridge, New Jersey, manufactures a broad line of complex injection
molded ceramic parts.  Certech is an industry leader in the
ceramic core market, a $100 million market worldwide that
primarily serves the aerospace and power generation industries. 
     The company was profitable in the fiscal year ended April
30, 1994 on sales of about $19 million.
     Carpenter will pay approximately 80 percent of the purchase
price in cash and 20 percent in Carpenter stock.  It will assume
approximately $1.8 million of Certech's debt.  Closing currently
is scheduled to occur by July 31, 1994.
     Certech employs about 500 people in its Wood-Ridge; Wilkes-
Barre, Pennsylvania; and Corby, Northamptonshire, U.K.
manufacturing facilities.  It was established in 1970 by Dr.
Stuart Z. Uram, 59, who will remain with the company as
president. 
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     "The structural ceramics market is large and rapidly
growing, as products once fabricated from metals convert to
ceramics," said Robert W. Cardy, chairman, president and CEO of
Carpenter.  "Certech is an ideal vehicle to participate in this
market.  At the same time, our market contacts should enhance
Certech's growth potential."

     A significant number of Carpenter's customers have been
investigating the use of structural ceramics parts, because of
temperature and wear resistance, lighter weight and near-net
shape capability.  
     As a result, Carpenter entered into two separate R&D
agreements in 1991 to evaluate expanding into such advanced
materials as ceramics.  Through the agreements, the company
wanted to determine if it should be involved in structural
ceramics, and, if so, how to enter the market.  
     The agreements led to:
     *    Carpenter licensing the Freeze Dry, Quick Set 
          injection molding technology of Ceramics Process
          Systems Corp. (CPS) of Milford, Mass.  This technology
          is believed to be superior for manufacturing ceramic
          parts for automotive and jet heat engines.
     *    An option to purchase Technical Ceramics Laboratories,
          Inc. (TCL) of Alpharetta, Ga. by spring 1995.  TCL has
          moved from an R&D organization to a small manufacturing
          operation as a result of Carpenter's involvement.  



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          Like Certech, TCL manufactures complex shape, close
          tolerance parts from advanced ceramic materials by
          injection molding.  Although the technologies employed
          by both companies are similar, the amount of final
          grinding of parts required, and the end-use markets
          targeted vary.
     "The R&D agreements confirmed that diversifying into
ceramics made sense for us," said Dr. Nicholas F. Fiore, senior
vice president, Strategic Businesses.  "By acquiring Certech,
we'll be able to fold our development technologies and growing
market knowledge into an ongoing, profitable ceramics business.
     "We believe that we need to offer several technologies to be
recognized as a viable participant in the fast growing structural
ceramics industry," Fiore added. 
     Carpenter, based in Reading, Pennsylvania, manufactures and
markets high-performance alloys and specialty steel products for
aerospace, automotive, electronics and other industries
worldwide.  As part of its growth strategy, the company extended
its international specialty metals business last year, by
entering into a joint manufacturing venture in Taiwan and
acquiring a Mexican distribution company.  In fiscal year 1993
(ended June 30, 1993), the company had sales of $576 million.

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