Graftech International Ltd. (NYSE: EAF) has announced a cooperation agreement with one of its largest stockholders, Mr. Nilesh Undavia, who owns approximately 6.7% of the company's outstanding common stock. As part of the agreement, the company has appointed Sachin Shivaram to its board of directors, effective immediately. Additionally, Graftech and Mr. Undavia will collaborate to identify an independent candidate to nominate for election to the board at the 2025 annual meeting of stockholders.
Mr. Shivaram, the newly appointed board member, brings significant experience in the steel industry, having served as the Chief Executive Officer of Wisconsin Aluminum Foundry Company, Inc. since 2019. He has a strong background in the global metals industry, having begun his career at ArcelorMittal S.A. and currently serving on the boards of several companies, including Lodge Manufacturing Company and broadwind, Inc.
In connection with Mr. Shivaram's appointment, Mr. Undavia has agreed to customary standstill provisions and voting commitments during the term of the cooperation agreement. The company will file the cooperation agreement as an exhibit to a current report on Form 8-K with the United States Securities and Exchange Commission ("SEC").
Graftech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, with some of the highest capacity facilities in the world. Graftech International Ltd. is the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, its key raw material for graphite electrode manufacturing.
This cooperation agreement represents a significant development for Graftech International Ltd., as it reflects the company's commitment to enhancing its board of directors and further strengthening its position in the industry. As a result of these announcements, the company's shares have moved -5.9% on the market, and are now trading at a price of $1.6. For more information, read the company's full 8-K submission here.
