Now we rollout this strategy in 2008. At the time, we were earning approximately $1.50 to $2 per share and had been roughly flat for the prior three to four years. In our first few years, we were really focusing internally on strengthening our existing portfolio. In 2009, we substantially restructured the company, and by 2011, we had achieved our initial goal to grow earnings to a new level of $3 per share. Having completed this, we set new targets last year to achieve $4.50 per share in 2014.
As we focus on growth, and with the acquisition of Norit earlier this year, we have upped our target to range of $4.90 to $5 in 2014. A piece of this growth will come from our acquisition of Norit, which was completed on July 31 of this year. With Norit, we’ve added a high growth, high margin business to our company. Norit is the global leader in activated carbon for the purification of water, air, food and beverages, pharmaceuticals, as well as other applications.
The addition of Norit supports the ongoing transformation of Cabot to a higher margin less cyclical specialty chemicals company. We chose Norit, because we saw the opportunity to combine with a successful, highly profitable company in growing markets with products and processes similar to ours, and with whom we could share our technical and business expertise.
This acquisition increases our current EBITDA by approximately 20%, and adds a stable earning stream and end market diversification, providing a new growth platform for Cabot. Norit enables our participation in environmental and purification solutions. It will also provide us with further growth opportunities in emerging markets, and new customer tailored applications.Like Cabot’s products, the uses for activated carbon are really non-discretionary, and the end markets are really non-cyclical. The business surrounds attractive EBITDA margins in excess of 25% for its specialty products that enable customer’s performance. Norit is a great complement to Cabot's core strength, and existing global footprint. Both companies have built reputations for being innovative and customer-focused suppliers. In serving our markets, we create products that are essential to modern day living.Read the rest of this transcript for free on seekingalpha.com
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