New company to be called Ferroglobe.
Globe Specialty Metals has recently announced it has completed its amalgamation with Grupo FerroAtlántica, finalising the creation of the new company Ferroglobe PLC. The business amalgamation, which was first announced on February 23 2015, was completed following receipt of all required regulatory clearances and approvals.
Ferroglobe will be among 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.
“We are pleased to have successfully completed our business amalgamation with FerroAtlántica. As Ferroglobe, we believe we will have a broader production base and increased access to new markets and products, allowing us to accelerate our growth strategies. We intend to manage our business to maximise free cash flow generation and return on investment. We expect that this, along with our uniquely conservative balance sheet, will position us to continue to deliver on exceptional growth opportunities for our shareholders,” said Alan Kestenbaum, Executive Chairman of Ferroglobe and founder of Globe Specialty Metals, Inc.
Silicon Smelters operates two metallurgical plants in South Africa, one in Polokwane and the other in eMalahleni (Witbank)
Javier López Madrid, Executive Vice Chairman of Ferroglobe and Managing Director of Grupo Villar Mir, said: “We are thrilled to have completed this business amalgamation with Globe Specialty Metals. Combined we will be well-positioned to better serve our business in existing markets as well as develop into new, attractive downstream markets such as solar energy. In addition, we will continue to reduce our cost base and execute on synergies, allowing us to unlock significant future value for our shareholders.”
Ferroglobe will be listed on NASDAQ under the symbol “GSM.” The newly combined business will be headquartered in London.
About Globe Specialty Metals
Globe Specialty Metals, Inc. is among the world’s leading 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, aluminium 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 Miami, Florida. For further information visit www.glbsm.com.
About Grupo FerroAtlántica
Grupo FerroAtlántica, S.A.U., is the parent company of a group of businesses in the following four areas: electrometallurgy, energy, mining and photovoltaic solar technology. The Group currently operates fifteen production centres, working in the field of electrometallurgy: five in Spain, six in France, one in Venezuela, two in South Africa and one in China. Currently, the Group is a world-leader in the production of silicon metal, a leading producer of ferroalloys in the European Union and a leading independent Spanish producer of hydroelectric energy. For more information visit www.ferroatlantica.es.
Silicon Technology (Pty.), Ltd., (“Siltech”), a wholly owned subsidiary of Globe Specialty Metals, is a silicon alloy producer in South Africa with an annual production capacity of 45 000 metric tons. Siltech was founded in 1991 and is located in northern Kwazulu-Natal, South Africa. The two furnace (27MW and 31MW) facility was idle at the time GSM acquired Siltech in 2014, and has since been restarted.
Silicon Smelters is the holding company for FerroAtlantica operations in South Africa. It operates two metallurgical plants in Polokwane and eMalahleni (Witbank), which produce silicon metal, ferrosilicon, inoculants, microsilica and electrode paste.
The company also owns a plant in Sasolburg. It also operates various quartz mines under the Thaba Chueu Mining Company label, in the Limpopo and Mpumalanga Provinces.
Its other areas of business include wood plantations in the forests of Limpopo and Mpumalanga Provinces, as well as charcoal production in all the provinces of South Africa.
Silicon Smelters is a subsidiary of FerroAtlántica.