Mexican Media Brands
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.
Share
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.
RELATED CONTENT
-
Things to Know About Cam Grinding
By James Gaffney, Product Engineer, Precision Grinding and Patrick D. Redington, Manager, Precision Grinding Business Unit, Norton Company (Worcester, MA)
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
-
Choosing the Right Fasteners for Automotive
PennEngineering makes hundreds of different fasteners for the automotive industry with standard and custom products as well as automated assembly solutions. Discover how they’re used and how to select the right one. (Sponsored Content)
