| FOR IMMEDIATE RELEASE | 2/28/2003 |
| Renaissance Partners Revives Closed Carbide/Graphite Facility | |
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PITTSBURGH and ST. MARYS, PA? February 28, 2003 ? Renaissance Partners, LLC, announced today that CG Electrodes Acquisition LLC, a company formed by Nathan Milikowsky of Chestnut Hill, Massachusetts, signed a purchase agreement to buy the St. Marys, Pennsylvania graphite electrode manufacturing business of The Carbide/Graphite Group, Inc., a Chapter 11 Debtor-in-possession. Bankruptcy Court approval of the purchase is expected in March 2003, and the closing is expected to take place before the end of March. The deal will result in CG Electrodes Acquisition LLC restarting the currently idled St. Marys facility, which prior to being shut down manufactured graphite electrodes for electric arc furnaces. It is expected that approximately 120 jobs will be created in St. Marys as a result of the restart. Renaissance Partners Managing Director Leo A. Keevican, Jr., explains, "the purchase and restart of the St. Marys facility demonstrates what Renaissance Partners does best. Utilizing the vast resources of our affiliates DKW Law Group, DKW Capital Markets and DKW Value Recovery, we were able to coordinate the necessary legal documentation, debt financing and management resources in a single effort to revive a shuttered business." Mr. Milikowsky, who has nearly 40 years of experience in the metals industry, states, "the governmental support we have received at the federal, state, regional and local level has been outstanding and has contributed greatly to our efforts to reopen the St. Marys facility and move forward quickly and successfully. We look forward to contributing to the St. Marys community while continuing Carbide/Graphite's tradition of providing top quality electrodes to the steel industry." Walt Fowler, Chief Executive Officer of The Carbide/Graphite Group, adds, "I am happy that we have found a buyer for these assets who will create a significant number of jobs in St. Marys. I am confident that the new company will become a preferred supplier in the EAF steel industry." Renaissance Partners, LLC, a subsidiary of DKW Law Group LLC, provides an innovative, turnkey approach to the management buyout. Visit Renaissance Partners, LLC or DKW Law Group LLC for more information. |
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