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BRIEF-Carpenter technology will freeze benefits to participants of retirement plan

Sept 14 Carpenter Technology Corp :

* Will freeze benefits accrued to eligible participants of general retirement plan effective December 31, 2016

* Company will freeze benefits accrued to eligible participants of general retirement plan ("grp") effective Dec 31

* Affected employees will be transitioned to company's 401(k) plan

* Company also announced plans to voluntarily contribute $100 million to GRP within next 60 days

* Says now expects net pension expense for fiscal year 2017 to be approximately $39 million to $44 million

* Has updated its forward looking guidance for fiscal year 2017 related to net pension expense and pension contributions

* Says expects to make a discretionary pension contribution of $100 million during fiscal year 2017

* Expects an approximately $40-45 million reduction in its annual net pension expense

* Also expects to record certain non-cash charges related to change of an amount less than $1 million

* Reduction in net pension expense excludes expected incremental defined contribution plan costs of about $5 million in h2 of fy2017 Source text for Eikon: Further company coverage:

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