MADRID, SPAIN and MIAMI, FLORIDA – December 23, 2015 – Globe Specialty Metals, Inc. (NASDAQ: GSM) today announced it has completed its combination with Grupo FerroAtlántica, finalizing the creation of the new company Ferroglobe PLC. The business combination, 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 combination with FerroAtlántica. As Ferroglobe, we believe we will have a broader production base, increased access to new markets and products, allowing us to accelerate our growth strategies. We intend to manage our business to maximize 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.
Javier López Madrid, Executive Vice Chairman of Ferroglobe and Managing Director of Grupo Villar Mir, said: “We are thrilled to have completed this business combination 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.”
Pedro Larrea Paguaga, Chief Executive Officer of Ferroglobe and Chairman and CEO of FerroAtlántica, added: “We are excited to have reached this important milestone and look forward to bringing together our two leading companies, delivering more value for more of our customers and offering even better career opportunities for our employees.”
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, 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 Miami, Florida. For further information please visit our web site at 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 centers, 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, a leading independent Spanish producer of hydroelectric energy. Grupo FerroAtlántica is wholly owned by Grupo Villar Mir. For more information, visit www.ferroatlantica.es .
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