Calgon Carbon Corporation (NYSE: CCC) today provided an update on its roadmap for value creation in a letter to its shareholders from Randy Dearth, President and Chief Executive Officer.
Dear Calgon Carbon Shareholders:
I was pleased to see so many of you at our Investor Day last month. As we discussed at that time, we have been putting in place a comprehensive program of financial, operational, and leadership initiatives to make sure we continue to build a stronger Calgon Carbon. We are a leader in our industry with an exceptionally diverse customer base, strong balance sheet, and cutting edge technical and research capabilities. Our management and Board have been successfully executing the transformation process we started when I became CEO 15 months ago to steward our resources with greater focus and speed of execution.
In that context, we are pleased to continue constructive and engaged conversations with our shareholders as we move ahead with our global operating initiatives, our many growth opportunities, and our commitment to return value to shareholders over both the short and long term. This includes being responsive to shareholder interest in exploring alternative business structures, returning capital beyond the accelerated share repurchase we completed earlier this year, and accelerating our cost cutting initiatives while investing in key growth opportunities.
To this end, I would like to update you on a number of important initiatives we have been pursuing.
Careful Consideration of MLP Conversion
As we discussed at Investor Day, our Board of Directors formed a Special Committee in August, with its own financial advisor, Evercore Group, LLC, a premier independent investment banking advisory firm, to take another look at the feasibility, cost, and return model for converting to a Master Limited Partnership (MLP) structure. You will recall that Morgan Stanley had been engaged by the Company to look at the MLP structure earlier this year.