July 25 (SeeNews) – Austrian refractory products maker RHI Magnesita said it has completed the acquisition of Slovenian alumina refractory mixes supplier Seven Refractories.
With the acquisition, around 240 employees at three production sites in Slovenia, India and the US, and at sales offices and service centres in Germany, Italy, the UK and Cyprus, are joining RHI Magnesita’s global network, the Austrian company said in a statement last week, without disclosing the value of the deal,
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According to Slovenian media reports, RHI Magnesita acquired Seven Refractories for 93 million euro ($103 million).
“Only 12 years after the company was founded, this step is a strong confirmation of our achievements: our innovative product portfolio, our cutting-edge production technology, and our dedication to customer service. In addition, the global presence and capabilities of RHI Magnesita will enable us to provide an even larger product portfolio and enhanced services to our customers,” Seven Refractories CEO Erik Zobec said.
Seven Refractories is a specialist supplier of alumina refractory mixes, serving customers in the iron and steel, cement, aluminium and non-ferrous metals industries, with a proven track record of consistent growth in these sectors. The company recorded revenues of 105 million euro and profit before tax of 11.4 million euro in 2022, RHI Magnesita said.
