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[February 2007]
RHI AG Successfully Completes Acquisition of Monofrax Assets
Having signed a contract with Vesuvius Crucible Company on 19 December 2006 regarding the acquisition of all relevant assets of Monofrax Inc, (which, in addition to fixed assets, also comprises all intangible assets and the entire operating business), RHI AG announced that 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, products which are used primarily in the glass industry.
In 2005, Monofrax reported annual revenue of US$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 world-wide.
In the growing glass market, RHI Refractories is the world's 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 world-wide 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 said that as a result of this acquisition, it now had 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 world-wide.
www.rhi-ag.com
ENDS