RHI AG successfully completes acquisition of Monofrax assets
Wien (euro adhoc) -
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
On 19 December 2006 RHI signed a contract with
Vesuvius Crucible Company regarding the acquisition of all relevant
assets ("asset deal") of the US refractories company Monofrax Inc.,
which, in addition to fixed assets, also comprises all intangible
assets and the entire operating business. On 1 February 2007 the
transaction was closed, having solved all conditions precedent
including the approval of the relevant antitrust authorities. RHI has
established the new legal entity RHI Monofrax Ltd. for the
acquisition of the assets.Monofrax is the only producer of fused cast refractories products in the USA, which are used primarily in the glass industry. In 2005, Monofrax reported annual revenue of USD 45 million in the USA, Asia/Pacific and Europe. Monofrax has innovative products, important patents and excellent business relations with the most important glass producers worldwide.
In the growing glass market, RHI Refractories is the worlds largest refractories supplier independent of the glass industry and already operates modern production facilities for fused cast products in Italy and China, as well as further production sites for refractories for the glass industry in Europe and China.
With the integration of the Monofrax business into its worldwide sales network, RHI Refractories is again significantly strengthening its position as a full-line supplier and now most important independent producer of fused cast refractories specialties. RHI Refractories thus has another technologically, logistically and economically optimal production site for high-grade refractory products especially for the highly important special glass market in North America. The new production network enables the sales force of RHI and Monofrax to apply their refractories know-how, which will be pooled in the future, to ensure an even more intensive joint market penetration and optimal customer solutions worldwide.
end of announcement euro adhoc 02.02.2007 09:27:56
Further inquiry note:
RHI AG
Investor Relations
Dkfm. Markus Richter
Tel: +43-1-50213-6123
Email: markus.richter@rhi-ag.com
Branche: Refractories
ISIN: AT0000676903
WKN: 874182
Index: ATX Prime
Börsen: Wiener Börse AG / official dealing