RHI Magnesita expands global network: Acquisition of Seven Refractories completed
Published by David Bizley,
Editor
World Cement,
RHI Magnesita today announces the completion of the acquisition of Seven Refractories. The official closing took place on July 17, 2023. Seven Refractories, a specialist supplier of alumina-based refractory compounds, serves customers in the iron and steel, cement, aluminium and non-ferrous metals industries and is experiencing continuous growth in these areas. In the future, alumina refractory compounds are expected to become increasingly important in the development of new production technologies with low CO2 emissions in RHI Magnesita's customer industries.
The acquisition expands RHI Magnesita's global network by around 240 employees at three production sites in Slovenia, India and the USA, as well as at sales and service locations in Germany, Italy, the United Kingdom and Cyprus. The acquired business units of Seven Refractories generated sales of €105 million and a pre-tax profit of €11.4 million in 2022.
On 20 July, Stefan Borgas, Chief Executive Officer RHI Magnesita, and Erik Zobec, Chief Executive Officer of Seven Refractories, sealed the takeover at an official ceremony at the Seven Refractories plant in Divaca, Slovenia, in the presence of Seven Refractories employees.
Stefan Borgas explains: "Today we are celebrating a milestone with the completion of the acquisition of Seven Refractories by RHI Magnesita. By pooling our expertise, innovation and commitment to sustainability, we will be able to develop even more attractive solutions to meet the evolving needs of our customers. I am delighted to welcome the great team at Seven Refractories to RHI Magnesita.
With our combined knowledge and passion, we will develop high-quality sustainability offerings and cross-selling opportunities, as well as supply chain optimization potential, to set new standards in the refractory industry and further advance our strategy to grow through consolidation."
Erik Zobec adds: "We are very proud to be part of RHI Magnesita. Only 12 years after the company was founded, this step is a confirmation of our achievements: our innovative product portfolio, our forward-looking production technology and our commitment to customer service. In addition, RHI Magnesita's global presence and capabilities will enable us to offer our customers an even broader product portfolio and optimized services."
Together, RHI Magnesita and Seven Refractories will continue to advance their strong commitment to sustainability to meet the growing demands of the global industry by offering high-quality technology solutions.
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Read the article online at: https://www.worldcement.com/asia-pacific-rim/21072023/rhi-magnesita-expands-global-network-acquisition-of-seven-refractories-completed/
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