SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 1997
THE CARBIDE/GRAPHITE GROUP, INC.
Delaware 0-20490 25-1575609
(State of Incorporation) (Commission File Number) (IRS Employer
Identification Code)
One Gateway Center, 19th Floor
Pittsburgh, PA
15222
(Address of principal executive offices)
Registrant's telephone number, including area code: (412) 562-3700
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Item 1 through Item 4: Not applicable.
Item 5 -- Other Events:
On April 21, 1997, the Registrant released the following information with
respect to a $28 million Longitudinal graphitizing project:
Pittsburgh, PA - April 21, 1997 - The Carbide/Graphite Group, Inc. (NASDAQ
NNM: CGGI) today announced plans to build a $28 million Longitudinal
graphitizing facility which will replace less efficient Acheson graphitizing
facilities. The project, which is subject to regulatory and environmental
permitting approvals, will be funded from internal cash flow and available
credit facilities.
Walter Fowler, Chairman and Chief Executive Officer, commented, "The new
Longitudinal facilities will be capable of graphitizing 30 million pounds of
high quality electrodes at a significantly lower cost than the Acheson units
being removed from service. Once completed, Longitudinal graphitizing technology
will comprise 95% of C/G's total graphitizing capacity, an optimal balance given
our mix of products. The benefits of Longitudinal technology compared to Acheson
technology include a manufacturing cost advantage of almost $0.20 per pound, a
shorter inventory cycle of 8 days versus 24 days, as well as significant
processing advantages which will enhance our ability to produce larger, higher
quality electrodes. This capital investment complements the two modernization
projects currently underway in our graphite electrode facilities and completes
our current capital spending plan to increase the efficiency and capabilities of
our electrode production process."
The Carbide/Graphite Group, Inc. is a leading manufacturer of industrial
graphite and calcium carbide products with manufacturing facilities in St.
Marys, Pennsylvania; Niagara Falls, New York; Louisville and Calvert City,
Kentucky; and Seadrift, Texas.
Note: This release may contain forward looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Actual future results could
differ materially from those set forth in such statements due to various
factors. Such factors include the risks associated with Longitudinal
graphitizing technology and the ability to obtain regulatory and environmental
approvals and permits.
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Item 6 through Item 8: Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the following hereunto duly authorized.
The Carbide/Graphite Group, Inc.
/s/ Walter B. Fowler
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Walter B. Fowler -- Chief Executive Officer
Dated: April 22, 1997
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