PARMA, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: GTI) today announced the two new Northeast Ohio locations for its global headquarters and Innovation & Technology Center. The Company previously announced its decision to relocate its headquarters and redesign its research and development function in September 2014 as part of its ongoing cost savings initiatives to improve profitability and competitive positioning.
GrafTech’s global headquarters will relocate to Independence, Ohio and will house approximately 50 employees working in the Company’s corporate functions, including finance, legal and human resources. The decision to downsize corporate functions by approximately 25 percent has enabled the relocation to a smaller, more cost effective, corporate headquarters.
The newly established Innovation & Technology Center will be located in Brooklyn Heights, Ohio and will include scientists, lab technicians and marketing professionals focused on driving innovation to support new product development. The redesigned research and development function will be focused on commercializing next generation technologies in carbon and graphite material science.
GrafTech’s Chief Executive Officer, Joel Hawthorne, commented, "We continue to execute on our stated goal of creating a more streamlined business model, with greater accountability and cost efficiency. With these moves, we will further reduce expenses, improve operational synergies and best position GrafTech to drive innovation to support future success. I thank the city of Parma for its support over the past 58 years and look forward to our involvment in the new communities that have allowed GrafTech to continue its 128-year legacy in Northeast Ohio."
The transition is expected to be completed by the end of the first quarter of 2015.
GrafTech International is a global company that has been redefining limits for more than 125 years. We offer innovative graphite material solutions for our customers in a wide range of industries and end markets, including steel manufacturing, advanced energy applications and latest generation electronics. GrafTech operates 18 principal manufacturing facilities on four continents and sells products in over 70 countries. Headquartered in Parma, Ohio, GrafTech employs approximately 2,600 people. For more information, call 216-676-2000 or visit www.GrafTech.com.
NOTE ON FORWARD-LOOKING STATEMENTS: This release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) about the impact of our relocation and innovation initiatives; cost reduction activities; future or targeted operational and financial performance; growth prospects and rates, the markets we serve, strategic plans and our position in our industry. Our expectations are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations. Actual future events, circumstances, performance and trends could differ materially, positively or negatively, from those set forth in these statements due to various factors, including: unforeseen delays, costs or liabilities associated with our initiatives as well as our growth and other plans, changes in market prices of our securities, changes in business and economic conditions and growth trends in the industry, changes in customer markets and various geographic regions, uncertainties in the geopolitical environment, and other risks and uncertainties, including those detailed in our SEC filings, as well as future decisions by us. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise. This release does not constitute an offer or solicitation as to any securities.
