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|GrafTech Acquires Fiber Materials, Inc. Business|
PARMA, Ohio, Oct 31, 2011 (BUSINESS WIRE) --
GrafTech International Ltd. (NYSE:GTI) today announced that it has completed the acquisition of the business and assets of Fiber Materials Inc. (FMI), a privately held manufacturer of highly engineered advanced carbon composite materials, for $14 million.
Craig Shular, Chairman and Chief Executive Officer of GrafTech, commented, "We are pleased to announce the acquisition of FMI and to welcome such an excellent team to the GrafTech family. FMI adds significant technology in advanced carbon composites to our product portfolio and will aid in propelling continued growth in our Engineered Solutions segment."
Headquartered in Biddeford, Maine, FMI manufactures highly engineered advanced carbon composites serving the aerospace and defense industries and high temperature insulation for use in industrial applications. FMI will become part of GrafTech's Engineered Solutions business segment and employs approximately 160 people. The acquisition of FMI is a cash purchase.
GrafTech International Ltd. is one of the world's largest manufacturers and providers of high quality synthetic and natural graphite and carbon based products and technical and research and development services, with customers in over 65 countries engaged in the manufacture of steel, automotive products and electronics.We manufacture graphite electrodes, products essential to the production of electric arc furnace steel and needle coke, the raw material essential to the production of graphite electrodes.We also manufacture thermal management, fuel cell and other specialty graphite and carbon products for, and provide services to, the electronics, power generation, solar, oil and gas, transportation, petrochemical and other metals markets.We operate 19 principal manufacturing facilities strategically located on four continents. For additional information on GrafTech International Ltd., call 216-676-2000, or visit our website at www.graftech.com.
NOTE ON FORWARD-LOOKING STATEMENTS: Except for historical information contained herein, the statements made in this release and related discussions about such matters as our growth, integration or expansion initiatives, future strategic or financial activities and other plans constitute 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 . Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. 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 growth, integration and expansion plans, the ability to successfully integrate acquired businesses and to realize expected benefits and synergies, 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.
SOURCE: GrafTech International Ltd.
GrafTech International Ltd.