NEW YORK, March 4, 2013 /PRNewswire/ -- Quinpario Partners LLC announced today the formation of a group consisting of highly competent and reputable investors and director candidates with respect to Quinpario's investment in Zoltek Companies, Inc. ("Zoltek" or the "Company") (Nasdaq:ZOLT). The Quinpario Group disclosed in a Schedule 13D filing today with the Securities and Exchange Commission aggregate ownership of approximately 10.13% of Zoltek's outstanding shares, making the Quinpario Group the Company's largest unaffiliated common shareholder. Additional information regarding the Quinpario Group and its members is set forth in the Schedule 13D. Quinpario also announced today it has delivered a letter to the Company's Chairman and CEO, Zsolt Rumy, with a copy to the Company's Board of Directors. The full text of the letter is included below.
Quinpario stated in the letter that it has been following Zoltek closely for some time and has devoted considerable time and resources to analyzing Zoltek's product offerings, operational performance and corporate structure, as well as the competitive environment in the carbon fiber space. The letter reported that the Quinpario Group's substantial investment in Zoltek is based upon Quinpario's analysis of the carbon fiber industry, generally, and Zoltek, specifically, which has confirmed that the Company has exceptional technology, product offerings and a strong customer base in the wind and aircraft brake markets, but has yet to realize the full potential consistent with its strong technical capabilities. As such, Quinpario believes that an opportunity exists to dramatically improve Zoltek's operational performance, unlock Zoltek's significant growth potential and enhance shareholder value. Quinpario also disclosed that it had made a proposal to Mr. Rumy regarding two strategic alternatives to enhance shareholder value, but received a response from the Company's legal counsel indicating that the Company was unwilling to engage with Quinpario.
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