Ferroglobe PLC (NASDAQ:GSM), the world’s leading producer of
silicon metal, and a leading silicon- and manganese-based specialty
alloys producer, announced today that Alan Kestenbaum has resigned
as Executive Chairman of the Ferroglobe PLC Board of
Directors, effective December 31, 2016. The Board has unanimously
voted to appoint Javier Lopez Madrid, currently Vice Chairman of
the Board, to succeed Mr. Kestenbaum as Executive Chairman.
Mr. Kestenbaum and Mr. Lopez Madrid will work
closely to ensure a smooth transition and Mr. Kestenbaum, as Senior
Advisor, will serve as an independent consultant to the Board and
to management on strategic and business-critical matters.
“On behalf of the entire Board and management
team, I want to thank Alan for his innumerable contributions to
this company,” said Mr. Lopez Madrid. “Alan has been instrumental
in the growth and success of Globe Specialty Metals and
subsequently the successful merger with FerroAtlántica to
create Ferroglobe, a premier global, diversified player in the
silicon metal industry. While Alan is resigning as Executive
Chairman, we will continue to benefit from his knowledge, deep
industry expertise and strategic vision in his role as Senior
Advisor.”
“I founded Globe Specialty Metals nearly 13
years ago and am immensely proud of all that we have accomplished
to date,” said Mr. Kestenbaum. “We have successfully completed the
integration after the merger that took place a year ago, and I am
confident we have the right team in place to lead Ferroglobe into
its next phase of growth. I look forward to supporting Javier,
Pedro and the rest of the management team and the Board as they
continue to execute on the strategic priorities for the business
and maximize returns for all of our shareholders.”
Mr. Kestenbaum is a significant shareholder of
the company and intends to remain so in the future.
Javier Lopez Madrid has been Executive Vice
Chairman of Ferroglobe PLC and previously Vice Chairman and CEO of
FerroAtlántica, since its formation 25 years ago, and played a
critical role in the success of the company as it grew to become
the leading manufacturer of silicon metals worldwide. He holds a
Master’s in Economics and Master’s in Law, ICADE University, Spain.
He is currently Managing Director of Grupo Villar Mir, one of the
top family-held industrial conglomerates in Europe.
About Ferroglobe
Ferroglobe PLC is one of the world’s leading
suppliers of silicon metal, silicon-based specialty alloys, and
ferroalloys serving a customer base across the globe in dynamic and
fast-growing end markets, such as solar, automotive, consumer
products, construction and energy. The company is based in
London. For more information, visit
http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains ''forward-looking
statements'' within the meaning of Section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities Exchange Act of 1934, as amended.
Forward-looking statements are not historical facts but are based
on certain assumptions of management and describe the company’s
future plans, strategies and expectations. Forward-looking
statements generally can be identified by the use of
forward-looking terminology, including, but not limited to, “may,”
“could,” “seek,” “guidance,” “predicts,” “potential,” “likely,”
“believe,” “will,” “expect,” “anticipate,: “estimate,” “plan,”
“intends,” “forecast” or variations of these terms and similar
expressions, or the negative of these terms or similar
expressions.
Forward-looking statements contained in this
press release are based on information presently available to us
and assumptions that we believe to be reasonable, but are
inherently uncertain. As a result, our actual results,
performance or achievements may differ materially from those
expressed or implied by these forward-looking statements, which are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond our control.
You are cautioned that all such statements
involve risks and uncertainties, including without limitation,
risks that the legacy businesses of Globe and FerroAtlántica will
not be integrated successfully or that we will not realize
estimated cost savings, value of certain tax assets, synergies and
growth, or that such benefits may take longer to realize than
expected. Important factors that may cause actual results to
differ include, but are limited to: (i) risks relating to
unanticipated costs of integration, including operating costs,
customer loss and business disruption being greater than expected;
(ii) our organizational and governance structure; (iii) the ability
to hire and retain key personnel; (iv) regional, national or global
political, economic, business, competitive, market and regulatory
conditions including, among others, changes in metals prices; (v)
increases in the cost of raw materials or energy; (vi) competition
in the metals and foundry industries; (vii) environmental and
regulatory risks; (viii) ability to identify liabilities associated
with acquired properties prior to their acquisition; (ix) ability
to manage price and operational risks including industrial
accidents and natural disasters; (x) ability to manage foreign
operations; (xi) changes in technology; (xii) ability to acquire or
renew permits and approvals; (xiii) changes in legislation or
governmental regulations affecting Ferroglobe; (xiv) conditions in
the credit markets; (xv) risks associated with assumptions made in
connection with critical accounting estimates and legal
proceedings; (xvi) Ferroglobe's international operations, which are
subject to the risks of currency fluctuations and foreign exchange
controls; and (xvii) the potential of international unrest,
economic downturn or effects of currencies, tax assessments, tax
adjustments, anticipated tax rates, raw material costs or
availability or other regulatory compliance costs. The
foregoing list is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties that affect
our business, including those described in the “Risk Factors”
section of our Annual Reports on Form 20-F, Current Reports on Form
6-K and other documents we file from time to time with the United
States Securities and Exchange Commission. We do not give any
assurance (1) that we will achieve our expectations or (2)
concerning any result or the timing thereof, in each case, with
respect to any regulatory action, administrative proceedings,
government investigations, litigation, warning letters, consent
decree, cost reductions, business strategies, earnings or revenue
trends or future financial results. Forward-looking financial
information and other metrics presented herein represent our key
goals and are not intended as guidance or projections for the
periods presented herein or any future periods.
All information in this press release is as of
the date of its release. We do not undertake or assume any
obligation to update publicly any of the forward-looking statements
in this press release to reflect actual results, new information or
future events, changes in assumptions or changes in other factors
affecting forward-looking statements. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements. We caution you not to place undue
reliance on any forward-looking statements, which are made only as
of the date of this press release.
INVESTOR CONTACT:
Ferroglobe PLC
Joe Ragan, 786-509-6925
Chief Financial Officer
Email: jragan@ferroglobe.com
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