GrafTech Announces $100 Million Share Repurchase Authorization
31 7월 2019 - 7:30PM
Business Wire
The Board of Directors of GrafTech International Ltd. (NYSE:EAF)
("GrafTech" or the “Company”) approved the repurchase of up to $100
million of the company’s common stock in open market purchases.
“GrafTech remains committed to returning cash to shareholders
and maintaining a prudent capital structure. We believe share
repurchases are an attractive and highly accretive use of cash,”
said GrafTech CEO David Rintoul. “At today’s stock price, a $100
million share repurchase authorization represents approximately 15
percent of the Company's public equity float, demonstrating our
continued commitment to returning cash to shareholders."
Share repurchases will be made from time to time in the open
market at prevailing market prices. The timing and amount of
repurchases are subject to a variety of factors including market
conditions, share price, liquidity, applicable legal requirements
and other business objectives.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high
quality graphite electrode products essential to the production of
electric arc furnace (or EAF) steel and other ferrous and
non-ferrous metals. The Company has a competitive portfolio of
low-cost graphite electrode manufacturing facilities, including
three of the highest capacity facilities in the world. GrafTech is
also the only large scale graphite electrode producer that is
substantially vertically integrated into petroleum needle coke, the
primary raw material for graphite electrode manufacturing, which is
currently in limited supply. This unique position provides
competitive advantages in product quality and cost.
Special note regarding forward‑looking statements
This news release and related discussions may contain
forward‑looking statements that reflect our current views with
respect to, among other things, future events and financial
performance. You can identify these forward‑looking statements by
the use of forward‑looking words such as “will,” “may,” “plan,”
“estimate,” “project,” “believe,” “anticipate,” “expect,” “intend,”
“should,” “would,” “could,” “target,” “goal,” “continue to,”
“positioned to,” "are confident", or the negative version of those
words or other comparable words. Any forward‑looking statements
contained in this news release are based upon our historical
performance and on our current plans, estimates and expectations in
light of information currently available to us. The inclusion of
this forward‑looking information should not be regarded as a
representation by us that the future plans, estimates or
expectations contemplated by us will be achieved. Our expectations
and targets are not predictions of actual performance and
historically our performance has deviated, often significantly,
from our expectations and targets. These forward‑looking statements
are subject to various risks and uncertainties and assumptions
relating to our operations, financial results, financial condition,
business, prospects, growth strategy and liquidity. Accordingly,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
statements. We believe that these factors include, but are not
limited to: the cyclical nature of our business and the selling
prices of our products may lead to periods of reduced profitability
and net losses in the future; the possibility that we may be unable
to implement our business strategies, including our initiative to
secure and maintain longer-term customer contracts, in an effective
manner; the possibility that tax legislation could adversely affect
us or our stockholders; pricing for graphite electrodes has
historically been cyclical and the price of graphite electrodes may
decline in the future; the sensitivity of our business and
operating results to economic conditions and the possibility others
may not be able to fulfill their obligations to us in a timely
fashion; our dependence on the global steel industry generally and
the electric arc furnace ("EAF") steel industry in particular; the
possibility that global graphite electrode overcapacity may
adversely affect graphite electrode prices; the competitiveness of
the graphite electrode industry; our dependence on the supply of
petroleum needle coke; our dependence on supplies of raw materials
(in addition to petroleum needle coke) and energy; the possibility
that our manufacturing operations are subject to hazards; changes
in, or more stringent enforcement of, health, safety and
environmental regulations applicable to our manufacturing
operations and facilities; the legal, compliance, economic, social
and political risks associated with our substantial operations in
multiple countries; the possibility that fluctuation of foreign
currency exchange rates could materially harm our financial
results; the possibility that our results of operations could
deteriorate if our manufacturing operations were substantially
disrupted for an extended period, including as a result of
equipment failure, climate change, regulatory issues, natural
disasters, public health crises, political crises or other
catastrophic events; our dependence on third parties for certain
construction, maintenance, engineering, transportation, warehousing
and logistics services; the possibility that we are unable to
recruit or retain key management and plant operating personnel or
successfully negotiate with the representatives of our employees,
including labor unions; the possibility that we may divest or
acquire businesses, which could require significant management
attention or disrupt our business; the sensitivity of goodwill on
our balance sheet to changes in the market; the possibility that we
are subject to information technology systems failures,
cybersecurity attacks, network disruptions and breaches of data
security; our dependence on protecting our intellectual property;
the possibility that third parties may claim that our products or
processes infringe their intellectual property rights; the
possibility that significant changes in our jurisdictional earnings
mix or in the tax laws of those jurisdictions could adversely
affect our business; the possibility that our indebtedness could
limit our financial and operating activities or that our cash flows
may not be sufficient to service our indebtedness; the possibility
that restrictive covenants in our financing agreements could
restrict or limit our operations; the fact that borrowings under
certain of our existing financing agreements subjects us to
interest rate risk; the possibility of a lowering or withdrawal of
the ratings assigned to our debt; the possibility that disruptions
in the capital and credit markets could adversely affect our
results of operations, cash flows and financial condition, or those
of our customers and suppliers; the possibility that highly
concentrated ownership of our common stock may prevent minority
stockholders from influencing significant corporate decisions; the
possibility that we may not pay cash dividends on our common stock
in the future; the fact that certain of our stockholders have the
right to engage or invest in the same or similar businesses as us;
the possibility that the market price of our common stock could be
negatively affected by sales of substantial amounts of our common
stock in the public markets, including by Brookfield; the fact that
certain provisions of our Amended and Restated Certificate of
Incorporation and our Amended and Restated By-Laws could hinder,
delay or prevent a change of control; the fact that the Court of
Chancery of the State of Delaware will be the exclusive forum for
substantially all disputes between us and our stockholders; and our
status as a "controlled company" within the meaning of the New York
Stock Exchange ("NYSE") corporate governance standards, which
allows us to qualify for exemptions from certain corporate
governance requirements.
These factors should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements,
including the Risk Factors section included in our Annual Report on
Form 10-K and other filings with the SEC. The forward‑looking
statements made in this press release relate only to events as of
the date on which the statements are made. We do not undertake any
obligation to publicly update or review any forward‑looking
statement, except as required by law, whether as a result of new
information, future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190731005145/en/
Meredith H. Bandy, CFA Vice President, Investor Relations &
Corporate Communications 216-676-2699
GrafTech (NYSE:EAF)
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GrafTech (NYSE:EAF)
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