GrafTech International Ltd. (NYSE:GTI) (“GrafTech”) today confirmed that it has received notice on behalf of the Nathan and Daniel Milikowsky group that it intends to nominate director candidates to stand for election to GrafTech’s Board of Directors at the Company's 2014 Annual Meeting of Stockholders.
The GrafTech Board will review the notice of nomination for compliance with the Stockholders’ Agreement with the Nathan and Daniel Milikowsky group, as well as GrafTech’s governing documents and applicable law, in due course. GrafTech stockholders are not required to take any action at this time.
The Company issued the following statement:
GrafTech’s Board and management team are always open to the views of its stockholders and value input towards the goal of enhancing value for all stockholders.
The Board and management team continue to focus on profitably operating the business and strategically positioning GrafTech for long-term stockholder value creation. On January 21, 2014, we provided an update to the strategic initiatives we announced on October 31, 2013 that are designed to significantly improve GrafTech’s competitiveness, allow the Company to better serve customers and position our Industrial Materials business for success. The strategic initiatives address three key areas: profitability, cash flow and future growth. Consistent with our stated strategy, we announced our intention to close three facilities, including our two highest cost graphite electrode plants and a machine shop. All three plant closures are proceeding on schedule and as expected. Once implemented, the strategic initiatives are expected to yield approximately $75 million in annual cost savings, with $35 million in anticipated savings in 2014.
Despite operating in a sustained period of macroeconomic challenge, GrafTech remains positioned as one of the best graphite material science companies in the world. GrafTech has a well-established and industry-leading track record of cutting costs and improving profitability and we are confident that the Company’s initiatives will position the Company to benefit from market conditions when global demand and macroeconomic conditions improve.