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.