Carpenter Technology Corp., of Philadelphia, said Thursday that it agreed to pay $35 million for Puris LLC, a West Virginia producer of titanium powder.

The acquisition will speed Carpenter's entrance into the titanium-powder market and allow it to reduce its planned capital expenditures for 2017 by about $20 million, said Carpenter, which last year moved its corporate headquarters from near Reading to Center City.

Titanium powder can be used to produce 3-D auto parts, for example. Titanium is prized for being light and strong.

Carpenter's shares closed at $43.63, up $3.55, or 8.9 percent on the New York Stock Exchange.