GrafTech International Ltd. (NYSE:EAF) ("GrafTech" or the "Company") today announced that its 25% shareholder, Brookfield Business Partners LP and its affiliates (together, "Brookfield"), distributed all 63.8 million of their shares of GrafTech common stock to a consortium of investors, which includes affiliates of Brookfield as well as un-affiliated investors.
Following the distribution, Brookfield holds approximately 30.4 million shares or an approximate 12% ownership interest in GrafTech's outstanding common stock, increasing the public float of the Company from approximately 75% to approximately 88%. At this reduced level of ownership, Denis A. Turcotte, a Brookfield designated director, has resigned from the Company's Board of Directors (the "Board") effective December 14, 2023.
"On behalf of the Board, I would like to thank Denis for his valuable contributions and wish him every success in his future endeavors," said Henry R. Keizer, Chairman of the Board of GrafTech. "As we look ahead, the increase in the number of GrafTech's freely tradeable common shares will serve to enhance the liquidity of GrafTech's common stock. This will position the Company to expand its investor base as it continues to execute its long-term strategy."