RHI Magnesita expands global network: Completion of acquisition of Seven Refractories

2023-07-24

Jul. 21, 2023 - RHI Magnesita today announces the completion of the acquisition of Seven Refractories, which has been formally closed on July 17, 2023. Acquisition complements RHI Magnesita’s alumina refractories portfolio and opens new opportunities in the development of low CO2 emitting manufacturing technologies.

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. Alumina refractory mixes are expected to become increasingly important in the development of new low CO2 emitting manufacturing technologies within RHI Magnesita’s key customer industries. 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 United Kingdom and Cyprus, are joining RHI Magnesita’s global network. The acquired businesses of Seven Refractories recorded revenues of €105 million and profit before tax of €11.4 million in 2022.

On July 20, Stefan Borgas, Chief Executive Officer RHI Magnesita and Erik Zobec, Chief Executive Officer Seven Refractories, sealed the acquisition in an official ceremony at the Seven Refractories plant in Divaca, Slovenia, in the presence of the employees of Seven Refractories.

Commenting on the acquisition, Stefan Borgas said: “Today we celebrate a milestone as RHI Magnesita completes the acquisition of Seven Refractories. The synergy of our expertise, innovation, and unwavering commitment to sustainability will empower us to deliver even more compelling solutions to meet the evolving needs of our customers. I am pleased to welcome the exceptional team from Seven Refractories to RHI Magnesita. With our collective knowledge and passion, we will develop advanced sustainability offerings and leverage cross-selling opportunities and supply chain optimisation potentials to set new benchmarks in the refractory industry as we continue to execute our strategy of growth through consolidation.”

Erik Zobec added: “It is with great pride that we are joining RHI Magnesita. 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.”

Together, RHI Magnesita and Seven Refractories will continue their strong commitment to sustainability to serve the growing needs of global industries by offering advanced technological solutions.