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Globe eyes overseas acquisitions: executive

Keywords: Tags  Globe Specialty Metals, Malcolm Appelbaum, Alan Kestenbaum, earnings, third quarter, 2013, M&A, acquisitions silicon

CHICAGO — Globe Specialty Metals Inc. continues to mull potential acquisitions despite recent losses, lower silicon selling prices and operational problems, according to company executives.

The New York-based silicon producer is “very liquid” thanks to $160 million from a revolving credit facility and approximately $160 million more in cash, chief financial officer Malcolm Appelbaum told analysts May 7 following the release of the company's fiscal third-quarter earnings data.

“We are actively looking at a large number of potential transactions in the current marketplace—some very interesting opportunities largely outside of the United States,” he said.

Appelbaum did not detail what those opportunities might be, but he said Globe was not looking to “stray” from its core business activities.

Globe’s “growth story remains intact,” executive chairman Alan Kestenbaum said during the call.

Appelbaum and Kestenbaum’s comments come after Globe chief executive officer Jeff Bradley said earlier this year that the company sees more opportunites for acquisitions than it had in years (, Feb. 8).

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