Last week was very important and worthy of attention in the world of refectories. On Thursday, our principal company RHI AG, has officially announced the news of the signing of an agreement on the takeover of a controlling stake in Magnesita SA.
This agreement provides for future combined operations with the aim of creating a single company in the field of refractory – RHI Magnesita. The Management Board of RHI AG has agreed to buy the shares of Magnesita in the control share of not less than 46%. RHI AG is the official statement said that the value of the acquisition of shares amount to 118 million € and 4.6 million € new shares to be issued by RHI Magnesite. The companies anticipate that all transaction shall be closed in 2017. By this acquisition RHI AG expects creation of income consolidation from 2,6 billion to 2,8 billion € until 2020. As it was announced, transaction would provide middle term financial goals until 2020. Future headquarter of new company will be in Austria.1
Company Magnesita S.A. is Brazilian refractory producer, founded in 1939. with headquarter in city of Contagem, Brasil. With income of 1,012.6 billion of USD, with production facilities at four continents, supplying of more than 1.000 buyers in 100 countries, Magnesita is one of the leading producers. As official agent of RHI AG at our market, we will be pleased to continue successful co-operation with expanded range of products that RHI AG and Magnesita will be able to offer.
It is important to notice that until the closing of the transaction, RHI and Magnesita will act as separate companies. This means for our customers that our offers, delivery management and invoicing will be continued as before.