The Board of Management of SGL Carbon SE today decided, with the approval of the Supervisory Board, to restructure the loss-making Carbon Fibers business unit. SGL Carbon will significantly reduce the business activities of Carbon Fibers and focus on a profitable core. Individual solutions are being developed for all Carbon Fibers sites, including the closure of unprofitable sites. On February 23, 2024, SGL Carbon had already announced that it was reviewing all strategic options for the Carbon Fibers business unit. The joint venture Brembo SGL Carbon Ceramic Brakes S.p.A. (BSCCB), which is allocated to the Carbon Fibers business unit for accounting purposes, is not affected by the restructuring.
A complete sale of the Business Unit Carbon Fibers was intensively evaluated, but is no longer considered feasible. Dr. Stephan B hler, the responsible member of the Board of Management of SGL Carbon, explains: We are in the initial phase of restructuring the Business Unit Carbon Fibers. We therefore ask for your understanding that we are currently unable to provide any specific details regarding individual site closures and the exact restructuring period. Our goal is to quickly begin the implementation in order to create clarity for our employees. We will begin the implementation of the restructuring as quickly as possible in order to contain the operating losses of CF and the associated impact on the entire SGL Carbon in the short term.
The company is expecting one-time cash effects in the amount of approximately 50 million over the next two years due to the extensive restructuring.
Carbon Fibers produces textile, acrylic and carbon fibers at seven sites in Europe and North America, with around 870 employees. After a slump in demand for carbon fibers for the wind industry, the business units sales and earnings fell significantly in the course of fiscal years 2023 and 2024.
The earlier expectations for carbon fibers as a future material for the automotive industry have not been fulfilled. The wind energy industry was also unable to compensate the shortfall in demand. In combination with increasing global over-capacities, high operating losses were incurred over the last two years, which weighed on the entire SGL Carbon, said Andreas Klein, CEO of SGL Carbon, explaining the decision to restructure the Carbon Fiber business.
Preliminary sales and adjusted EBITDA 2024Based on preliminary figures, Carbon Fibers generated sales of around 210 million in fiscal year 2024 (previous year: 224.9 million). According to preliminary figures, the negatively adjusted EBITDA of Carbon Fibers, excluding the share of the earnings of the joint venture BSCCB, amounted to around minus 27 million in fiscal year 2024 (previous year: minus 10.9 million), as expected.
The continued weak business development of Carbon Fibers also impacts the group. Based on preliminary figures, group sales of SGL Carbon amounted to approximately 1,026 million (previous year: 1,089.1 million) in fiscal year 2024. Preliminary adjusted EBITDA for the group of approximately 163 million was slightly below the prior-year level (2023: 168.4 million), but in line with the given guidance for 2024. Based on the current economic conditions and forecasts for some of our markets, such as the automotive and semiconductor industries, SGL Carbon expects the market environment to remain challenging in 2025.
Further information on the business development in 2024 and the final financial figures can be found in the SGL Carbon Annual Report, which will be published together with the outlook for the current fiscal year on March 20, 2025.
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The Board of Management of SGL Carbon SE today decided, with the approval of the Supervisory Board, to restructure the loss-making Carbon Fibers business unit. SGL Carbon will significantly reduce the business activities of Carbon Fibers and focus on a profitable core. Individual solutions are being developed for all Carbon Fibers sites, including the closure of unprofitable sites. On February 23, 2024, SGL Carbon had already announced that it was reviewing all strategic options for the Carbon Fibers business unit. The joint venture Brembo SGL Carbon Ceramic Brakes S.p.A. (BSCCB), which is allocated to the Carbon Fibers business unit for accounting purposes, is not affected by the restructuring.
