GrafTech Announces Increased Float through Consortium Stock Distribution
BROOKLYN HEIGHTS, Ohio–(BUSINESS WIRE)–GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) today announced that its majority shareholder, a consortium led by Brookfield Business Partners LP (the “Brookfield consortium”), distributed a portion of its GrafTech common stock to the owners in the Brookfield consortium. While the same number of shares will continue to be owned by the current owners following the distribution, approximately 26.8 million shares will now be directly held outside of the Brookfield consortium, increasing the public float of the Company from approximately 25% to 35%.
The above distribution reduces the size of the Brookfield consortium’s control position and increases the number of GrafTech’s freely tradeable common shares, enhancing the liquidity of our stock and positioning the Company to expand its investor base as it continues to execute its long-term strategy.
Following the distribution, the Brookfield consortium holds a 65% ownership interest in GrafTech’s outstanding common stock.
GrafTech International Ltd. is a leading manufacturer of high quality graphite electrode products essential to the production of electric arc furnace (“EAF”) steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low cost graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing. This unique position provides competitive advantages in product quality and cost.