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graftech international ltd (GTI) Key Developments

GrafTech International Announces New Ohio Locations for Headquarters and Technology Center

GrafTech International Ltd. has announced two new Northeast Ohio locations for its global headquarters and innovation and technology center. The company previously announced its decision to relocate its headquarters and redesign its R&D 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% 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 R&D function will be focused on commercializing next generation technologies in carbon and graphite material science. The transition is expected to be completed by the end of the first quarter of 2015.

GrafTech International Announces Relocation to Brooklyn Heights

GrafTech International is moving its global headquarters to Independence and its research center to Brooklyn Heights. The cost-saving moves are part of a restructuring that began in September with the announced layoff of about 25% of the company's headquarters staff. GrafTech announced that it would leave its sprawling 330,000-square-foot Parma facility after 58 years and look for smaller facilities in the region. The relocation is planned to begin in February and be complete by the end of March. The new headquarters will be about 23,680 square feet of leased space in the Park Center Plaza 1 office building on Oak Tree Boulevard.

GrafTech Finalizes Relocation Plans in Northeast Ohio

GrafTech International Ltd. 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% 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. The transition is expected to be completed by the end of the first quarter of 2015.

GrafTech International Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Full Year 2014

GrafTech International Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported sales was $260.46 million against $303.08 million a year ago. Operating loss was $23.05 million against $8.57 million a year ago. Loss before provision for income taxes was $33.12 million against $16.85 million a year ago. Net loss was $34.94 million against $7.63 million a year ago. Diluted loss per share was $0.26 against $0.06 a year ago. Net cash provided by operating activities was $26.99 million against $53.53 million a year ago. Capital expenditures was $22.85 million against $24.18 million a year ago. Adjusted operating income was $0.780 million against $8.98 million a year ago. EBITDA was $23.75 million against $34.56 million a year ago. Adjusted net loss was $12.88 million or $0.09 per share against income of $5.74 million or $0.04 per share a year ago. For the nine months, the company reported sales was $825.43 million against $858.17 million a year ago. Operating loss was $169.61 million against income of $23.15 million a year ago. Loss before provision for income taxes was $198.48 million against $4.5 million a year ago. Net loss was $201.9 million against income of $0.962 million a year ago. Diluted loss per share was $1.48 against income of $0.01 a year ago. Net cash provided by operating activities was $82.9 million against $65.18 million a year ago. Capital expenditures was $69.31 million against $62.7 million a year ago. Adjusted operating income was $16.66 million against $40.69 million a year ago. EBITDA was $84.46 million against $111.14 million a year ago. Adjusted net loss was $16.94 million or $0.12 per share against income of $14.33 million or $0.11 per share a year ago. Net debt as of September 30, 2014 was $529.77 million against $540.32 million as of December 31, 2013. For the full year 2014, the company expects EBITDA in a range of $105.000 million - $115.000 million, operating loss in a range of $179.267 million - $169.267 million, interest expense of $36 million, income taxes in a range of $0 - $3.00 million and net loss of $217.47 million - $210.47 million. Operating cash flow of approximately $95 million to $110 million and capital expenditures of approximately $80 million to $90 million.

GrafTech International Plans to Lay Off 50 Employees

GrafTech International announced that it plans to lay off 50 employees and relocate its headquarters to a yet to be determined location. The company now employs 186 at its Snow Road facility. By November 30, 2014 the company plans to reduce the work force by 35. Fifteen other jobs will be eliminated by March. In September, the company announced plans to downsize in an attempt to cut costs. The company is looking for a smaller headquarters in Northeast Ohio and plans to finalize the move by next year.

 

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