RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, has made an important acquisition, buying a plant from Manishri Refractories & Ceramics Pvt. Ltd. (“Manishri”) for €5.5 million.
“The purchased plant fits in with our short-term and mid-term growth strategy in India. The plant will produce magnesia carbon brick, where there is huge potential in the Indian market and to date we have had no local supply source. This acquisition will help us to reach those segments and further expand our footprint in India,” said Parmod Sagar, CEO of Indian operations at RHI Magnesita.
Orient Refractories Ltd., the publicly listed Indian subsidiary of RHI Magnesita, signed an asset purchase agreement with Manishri for one plant along with land, machines, and equipment at a value of EUR 5.5 million.
The plant is strategically located, with multiple major steel plants within a 300 km radius, and is near a port at Cuttack in the state of Odisha. The Indian unit of RHI Magnesita will use the facility to produce magnesia carbon bricks. There are also plans to set up a recycling unit at the plant. Once production starts, it will be RHI Magnesita´s first facility in India for making magnesia carbon bricks. This will help RHI Magnesita cater to Indian customers with locally manufactured magnesia carbon bricks, which have had to be imported up to now. RHI Magnesita already has a facility at Vizag in India for manufacturing high alumina bricks. “We intend to start production in the plant by November,” added Parmod Sagar.
About RHI Magnesita
RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers in nearly all countries around the world. The Company has a high level of geographic diversification with more than 14,000 employees in 35 main production sites and more than 70 sales offices around the world. RHI Magnesita intends to leverage its global leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefitting from more dynamic economic growth prospects.
Its shares have a premium listing on the London Stock Exchange (symbol: RHIM) and are a constituent of the FTSE 250 index. For more information please visit: www.rhimagnesita.com
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