Starboard Delivers Letter to Calgon Carbon CEO and Board of Directors and Issues Detailed Presentation
Highlights Additional Opportunities to Improve Operating Margins, Capital Allocation, and Corporate Structure
Encouraged by Progress Towards Improved Margins But Believes There Remains Significant Opportunity for Further Margin Improvement Through Additional Cost Reductions
Urges Board to Seriously Consider and Implement a Share Repurchase of $150-$200 Million Through a Dutch Tender Offer
Proposes that Company Take Steps to Improve Tax Efficiency by Listing its Activated Carbon Assets in a Publicly Traded Master Limited Partnership
NEW YORK, Nov. 4, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Calgon Carbon Corporation ("Calgon" or the "Company") (NYSE: CCC) with approximately 9.7% of the outstanding common stock of the Company, today announced that it has delivered a letter to the Company's President and CEO, Randall S. Dearth, and the Company's Board of Directors, as well as a detailed presentation, highlighting significant opportunities to improve Calgon's operating margins, capital allocation, and corporate structure.
The full text of the Letter and the Presentation are available for viewing on the SEC's website and at the following link: http://tinyurl.com/StarboardLetterPresoCalgon
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
SOURCE Starboard Value LP