Attached files
| file | filename |
|---|---|
| 8-K - 8-K - GLOBE SPECIALTY METALS INC | form8k.htm |
| EX-2.1 - EX-2.1 - GLOBE SPECIALTY METALS INC | psa.htm |
Exhibit
99.1
April 1, 2010
Globe
Specialty Metals Acquires Core Metals Group
NEW
YORK, Apr 1, 2010 (GlobeNewswire via COMTEX News Network) -- Globe Specialty
Metals, Inc. (Nasdaq:GSM) today announced its acquisition of Core Metals Group,
LLC, one of North America's largest producers and marketers of high-purity
ferrosilicon and other specialty steel ingredients. Globe paid $52 million in
cash for the company, which was owned by the Ospraie Funds. The company,
headquartered in Coraopolis, PA, services the steel, chemical and other
industrial markets.
"This
accretive transaction is another step in our aggressive growth and synergistic
product diversification strategy," said Globe Chief Executive Officer, Jeff
Bradley. "It strengthens our growing ferrosilicon business and expands the line
of products and services we offer to the market. We are also very pleased with
the operations excellence and sales and marketing expertise that is evident
throughout Core Metals."
Bradley
added, "With this transaction, we also inherit a first class, well entrenched
marketing organization that we expect will enable us to further expand our
products and sales into the growing steel markets around the
world."
Larry
Byrnes, President of Core Metals, commented, "We are delighted about being a
part of such a solid, consistently profitable and growing international
American-based manufacturing company. The value that the combination of our
companies brings to the market is very exciting."
The
Company anticipates no disruption or interruption in service to any
customer.
Conference
Call
We
invite all interested persons to participate on a conference call at 9:00 am,
Eastern Time. The dial-in number for the call is 877-293-5491. International
callers should dial 914-495-8526. Please dial in at least five minutes prior to
the call to register. The call may also be accessed via an audio webcast
available on the GSM website at http://investor.glbsm.com.
Click on the April 1, 2010 Conference Call link to access the call.
About
Globe Specialty Metals
Globe
Specialty Metals, Inc. (www.glbsm.com)
is among the world's largest producers of silicon metal and silicon-based
specialty alloys, critical ingredients in a host of industrial and consumer
products with growing markets. Customers include major silicone chemical,
aluminum and steel manufacturers, auto companies and their suppliers, ductile
iron foundries, manufacturers of photovoltaic solar cells and computer chips,
and concrete producers. The Company is headquartered in New York City. For
further information please visit our web site at www.glbsm.com.
About
Core Metals Group
Core
Metals Group is a leading producer, marketer, and distributor of ferroalloys and
specialty materials for the North American steel and foundry industry. It
markets and produces materials including ferrosilicon, ferrovanadium,
ferromolybdenum, fluorspar, metallurgical process materials, and other
ferroalloys. The company's headquarters are in Coraopolis, PA, which is close to
Pittsburgh, PA.
Forward-Looking
Statements
This
release contains "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking statements can
be identified by words such as "anticipates," "intends," "plans," "seeks,"
"believes," "estimates," "expects" and similar references to future periods, or
by the inclusion of forecasts or projections. Forward-looking statements are
based on the current expectations and assumptions of Globe Specialty Metals,
Inc. (the "Company") regarding its business, financial condition, the economy
and other future conditions.
Because
forward-looking statements relate to the future, by their nature, they are
subject to inherent uncertainties, risks and changes in circumstances that are
difficult to predict. The Company's actual results may differ materially from
those contemplated by the forward-looking statements. The Company cautions you
therefore that you should not rely on any of these forward-looking statements as
statements of historical fact or as guarantees or assurances of future
performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include regional,
national or global political, economic, business, competitive, market and
regulatory conditions including, among others, changes in metals prices;
increases in the cost of raw materials or energy; competition in the metals and
foundry industries; environmental and regulatory risks; ability to identify
liabilities associated with acquired properties prior to their acquisition;
ability to manage price and operational risks including industrial accidents and
natural disasters; ability to manage foreign operations; changes in technology;
and ability to acquire or renew permits and approvals.
Any
forward-looking statement made by the Company or management in this release
speaks only as of the date on which it or they make it. Factors or events that
could cause the Company's actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The Company
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or otherwise, unless
otherwise required to do so under the law or the rules of the NASDAQ Global
Market.