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PARMA, Ohio - GrafTech International Ltd., a manufacturer of synthetic and natural graphite-based products, said Tuesday it acquired a minority interest in Seadrift Coke LP for $135 million.
| GTI | 5.69 |  -0.47 |
GrafTech acquired an 18.9 percent stake in the privately held producer of petroleum needle coke, the primary raw material needed to manufacture graphite electrodes.
The acquisition will boost earnings in 2008, Graftech's chief executive, Craig Shular, said in a statement.
GrafTech will use $35 million in cash and $100 million from a revolving credit facility to finance the purchase. The company said it plans to repay the $100 million on the credit facility within a year.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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