09-23-2013 SGL2015 cost savings program intended to generate savings of approximately 150 million Group-wide package of measures affecting production facilities, organizational structure and portfolio
Savings of approximately 150 million targeted, based on actual costs 2012
Implementation planned mainly for 2013 and 2014 already
Wiesbaden, September 23, 2013. As part of the SGL2015 cost savings program announced at the beginning of August, SGL Group The Carbon Company has initiated a comprehensive package of measures. This package comprises the global production network, the organizational structure as well as the Group's portfolio and is targeted to achieve cost savings totaling approximately 150 million by the end of 2015, based on the actual costs for 2012. Thereof savings of 50 million will already be realised in 2013. In connection with the program, there will be non-recurring expenses and extraordinary write-downs which will be recognized in accordance with IFRS in a timely manner, most of which should be accounted for with the 2013 annual financial results already.
Robert Koehler, CEO of SGL Group, said: Together with the Company's top management we have developed the packages of measures for our group-wide SGL2015' cost savings program that are to be implemented largely in 2013 and 2014. It has been achieved in close cooperation with the Supervisory Board which will follow the respective implementation continuously. We have set ourselves the goal of achieving cost savings by the end of 2015 totaling approximately 150 million with SGL2015'. The objective of SGL2015' is to sustainably enhance SGL Group's competitive position and simultaneously improve its profitability.
With the program SGL Group responds to the difficult market conditions, characterized especially by unsatisfactory price developments in graphite electrodes, a cyclical downturn in our graphite specialties business as well as ongoing losses in the Business Area Carbon Fibers & Composites due to delays in the development and start-up phase.
Review of production network and portfolio
In particular, the global production network will be adjusted to the changed circumstances. This realignment is expected to improve capacity utilization and reduce fixed costs and includes a review of the production sites as well as potential relocating of production and consolidation of processes at certain sites within the production network. The restructuring of the Company's portfolio comprises the potential relocation or transfer of activities into partnerships as well the possible termination or disposal of non-core activities.
Efficiency gains through the streamlining of organizational structures
Along with the streamlining of the activities and the portfolio, the Company will also review and adjust its organizational structures. This will lead to a simplification of business processes and the streamlining of management structures.
About SGL Group - The Carbon Company SGL Group is one of the world's leading manufacturers of carbon-based products and materials. It has a comprehensive portfolio ranging from carbon and graphite products to carbon fibers and composites. SGL Group's core competencies are its expertise in high-temperature technology as well as its applications and engineering know-how gained over many years. These competencies enable the Company to make full use of its broad material base. SGL Group's carbon-based materials combine several unique properties such as very good electrical and thermal conductivity, heat and corrosion resistance as well as high mechanical strength combined with low weight. Due to industrialization in the growth regions of Asia and Latin America and increased substitution of traditional with innovative materials, there is a growing demand for SGL Group's high-performance materials and products. Products from SGL Group are used predominantly in the steel, aluminum, automotive and chemical industries as well as in the semiconductor, solar and LED sectors and in lithium-ion batteries. Carbon-based materials and products are also being used increasingly in the wind power, aerospace and defense industries.
With 45 production sites in Europe, North America and Asia as well as a service network covering more than 100 countries, SGL Group is a company with a global presence. In 2012, the Company's workforce of around 6,700 employees generated sales of 1,709 million. The Company's head office is located in Wiesbaden.
Further information on the SGL Group can be found online at: www.sglgroup.com
Important note This press release may contain forward-looking statements based on the information currently available to us and on our current projections and assumptions. By nature, forward-looking statements involve known and unknown risks and uncertainties, as a consequence of which actual developments and results can deviate significantly from these forward-looking statements. Forward-looking statements are not to be understood as guarantees. Rather, future developments and results depend on a number of factors; they entail various risks and unanticipated circumstances and are based on assumptions which may prove to be inaccurate. These risks and uncertainties include, for example, unforeseeable changes in political, economic, legal, and business conditions, particularly relating to our main customer industries, such as electric steel production, to the competitive environment, to interest rate and exchange rate fluctuations, to technological developments, and to other risks and unanticipated circumstances. Other risks that in our opinion may arise include price developments, unexpected developments connected with acquisitions and subsidiaries, and unforeseen risks associated with ongoing cost savings programs. SGL Gr
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09-23-2013 SGL2015 cost savings program intended to generate savings of approximately 150 million Group-wide package of measures affecting production facilities, organizational structure and portfolio
