GrafTech Finalizes Relocation Plans in Northeast Ohio
December 11 2014 - 8:06AM
Business Wire
Global Headquarters to Move to Independence,
OhioInnovation & Technology Center to be Established in
Brooklyn Heights, Ohio
GrafTech International Ltd. (NYSE: GTI) today announced the two
new Northeast Ohio locations for its global headquarters and
Innovation & Technology Center. The Company previously
announced its decision to relocate its headquarters and redesign
its research and development function in September 2014 as part of
its ongoing cost savings initiatives to improve profitability and
competitive positioning.
GrafTech’s global headquarters will relocate to Independence,
Ohio and will house approximately 50 employees working in the
Company’s corporate functions, including finance, legal and human
resources. The decision to downsize corporate functions by
approximately 25 percent has enabled the relocation to a smaller,
more cost effective, corporate headquarters.
The newly established Innovation & Technology Center will be
located in Brooklyn Heights, Ohio and will include scientists, lab
technicians and marketing professionals focused on driving
innovation to support new product development. The redesigned
research and development function will be focused on
commercializing next generation technologies in carbon and graphite
material science.
GrafTech’s Chief Executive Officer, Joel Hawthorne, commented,
"We continue to execute on our stated goal of creating a more
streamlined business model, with greater accountability and cost
efficiency. With these moves, we will further reduce expenses,
improve operational synergies and best position GrafTech to drive
innovation to support future success. I thank the city of Parma for
its support over the past 58 years and look forward to our
involvment in the new communities that have allowed GrafTech to
continue its 128-year legacy in Northeast Ohio."
The transition is expected to be completed by the end of the
first quarter of 2015.
GrafTech International is a global company that has been
redefining limits for more than 125 years. We offer innovative
graphite material solutions for our customers in a wide range of
industries and end markets, including steel manufacturing, advanced
energy applications and latest generation electronics. GrafTech
operates 18 principal manufacturing facilities on four continents
and sells products in over 70 countries. Headquartered in Parma,
Ohio, GrafTech employs approximately 2,600 people. For more
information, call 216-676-2000 or visit www.GrafTech.com.
NOTE ON FORWARD-LOOKING STATEMENTS: This release contains
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) about the impact of our relocation and
innovation initiatives; cost reduction activities; future or
targeted operational and financial performance; growth prospects
and rates, the markets we serve, strategic plans and our position
in our industry. Our expectations are not predictions of actual
performance and historically our performance has deviated, often
significantly, from our expectations. Actual future events,
circumstances, performance and trends could differ materially,
positively or negatively, from those set forth in these statements
due to various factors, including: unforeseen delays, costs or
liabilities associated with our initiatives as well as our growth
and other plans, changes in market prices of our securities,
changes in business and economic conditions and growth trends in
the industry, changes in customer markets and various geographic
regions, uncertainties in the geopolitical environment, and other
risks and uncertainties, including those detailed in our SEC
filings, as well as future decisions by us. Forward-looking
statements speak only as of the date they are made, and we
undertake no obligation to publicly update or revise any of them in
light of new information, future events or otherwise. This release
does not constitute an offer or solicitation as to any
securities.
GrafTech International Ltd.Kelly Taylor, Director, Investor
Relations, 216-676-2000