|FOR IMMEDIATE RELEASE||3/15/2003|
|Renaissance Partners Receives Bankruptcy Court Approval to Revive Closed Carbide/Graphite Facility|
PITTSBURGH and ST. MARYS, PA? April 15, 2003 ? Leo A. Keevican, Jr., Managing Director of Renaissance Partners, LLC, announced that Renaissance Partners and Nathan Milikowsky today won Bankruptcy Court approval to purchase and restart the St. Marys, Pennsylvania graphite electrode manufacturing business of bankrupt Carbide/Graphite Group, Inc. More than 100 manufacturing jobs will remain in St. Marys as a result. The purchase price is $6,230,000.
"We are gratified with the wide support we received," said Keevican. "American industry has suffered too many losses of key manufacturing facilities and jobs. Today's outcome will preserve this important manufacturing business in Pennsylvania. It will also help revive our steel industry through competitive pricing of graphite electrodes."
Purchaser of the former Carbide/Graphite facility will be CG Electrodes LLC, led by Nathan Milikowsky of Chestnut Hill, Massachusetts. A 40-year veteran of the metals industry, Mr. Milikowsky said, "federal, state, and local officials of both political parties rallied to support our purchase. They recognized the value this transaction will contribute to St. Marys, to Pennsylvania and to the competitiveness of the American steel industry."
Renaissance Partners, LLC, a subsidiary of DKW Law Group, PC, provides an innovative, turnkey approach to the management buyout. Visit www.renaissance-partners.com or www.dkwlaw.com for more information.
The following officials all lent support to the buyout effort led by Keevican and Milikowsky.
* U.S. Senator Arlen Specter
* U.S. Congressman John Peterson
* PA Governor Ed Rendell
* PA Attorney General Mike Fisher
* PA Secretary of Community and Economic Development Dennis Yablonsky
* PA Secretary of Banking William Schenck
* State Senator Joe Scarnati
* State Representative Dan Surra
* Elk County Commissioners June Sorg, Christine Gavazzi and Joe Koch
* St. Marys Mayor David Meier and City Manager Maurice Azain
* St. Marys School District
* International Union of Electrical Workers (IUE/CWA) Local 502
* North Central Pennsylvania Regional Development Commission