INDEPENDENCE, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. today announced it plans to realign its two business segments. Industrial Materials will now be comprised of graphite electrodes and needle coke products. Engineered Solutions will now be comprised of advanced graphite materials, advanced composite materials, advanced electronic technologies, and refractory products. Refractory products was previously included in the Industrial Materials business segment. Advanced materials products will now be a component in each business unit where these products are produced.
This realignment of the business segments will allow the company to better focus its resources and simplify its operations. The Industrial Materials business segment will continue to focus on being the lowest cost producer providing the best quality of graphite electrodes. The Engineered Solutions business segment will continue to leverage the intellectual property of carbon and graphite material science to innovate and commercialize advanced technologies and new products in high growth markets.
The company also announced that it has initiated a strategic review of its Engineered Solutions business segment. In 2015, the segment, on a pro forma basis as newly defined, had sales of $152 million or 22% of total company sales. There can be no assurance that the review of strategic alternatives will result in a transaction.
“GrafTech will continue to focus on its businesses and provide an unmatched level of service to customers through this process,” said Chief Executive Officer, Joel Hawthorne. “We are aligning ourselves with the changing global marketplace and our customers’ evolving needs to drive GrafTech forward.”
Fifth Third Securities is serving as financial advisor and Withers LLP is serving as legal counsel.
GrafTech International Ltd., an indirect wholly-owned subsidiary of Brookfield Asset Management Inc., 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 15 principal manufacturing facilities on four continents and sells products in over 70 countries. Headquartered in Independence, Ohio, GrafTech employs approximately 1,900 people. For more information, call 216-676-2000 or visit www.GrafTech.com.
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