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SGL Carbon Plans Stock Sale to Cut Debt, Expand
SGL Carbon SE, the carbon fiber supplier to BMW and Volkswagen, plans to issue some €267 million in new shares to pay down debt and fund new investments.
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SGL Carbon SE, the carbon fiber supplier to BMW and Volkswagen, plans to issue some €267 million in new shares to pay down debt and fund new investments.
The two carmakers and Susanne Klatten, BMW heiress and SGL's largest shareholder, have agreed to buy at least some of the new shares. Bloomberg News says the company has €625 million in debt.
Klatten's SKion GmbH investment company owns 28% of SGL. BMW holds an 18% stake, and VW owns 10%.
SGL and BMW produce carbon fiber for the carmaker's i3 electric city car and i8 sport coupe through a U.S. joint venture. In May they announced a $200 million (€159 million) plan to triple annual capacity, which would make their facility the world's largest source of carbon fiber.
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