German carbon specialist SGL Group said it had completed the carve-out of its graphite electrode business into a self-contained unit, paving the way for a possible exit.
The division known as Performance Products, which makes electrodes for steel recycling and cathodes for the production of aluminium, was initially scheduled to be carved out by the end of 2016 but a continued slump in the global scrap metal recycling industry prompted SGL to ramp up its restructuring efforts.
SGL said in March potential bidders for the graphite electrodes business had received first information packages and that two investment banks had been mandated for a sale. (Reporting by Ludwig Burger and Patricia Weiss; Editing by Maria Sheahan)
Source: Reuters
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