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[July 2008]
Hofmann Group Now Part of IFGL Refractories
IFGL Refractories (Kolkata, India) has successfully completed the acquisition of Hofmann Group of Companies. An SPV by the name of IFGL GmbH, a 100% subsidiary of Monocon International Refractories Ltd (UK based) has been formed which acquired a 96.16% shareholding of Hofmann Ceramics GmbH and a 100% of partnership interest of Hofmann OHG, Germany. Along with these, it also acquired a 92% shareholding of Hofmann Ceramics, Czech Republic and a 100% shareholding in Hofmann Ceramics LLC USA and Hofmann Ceramic Ltd, UK.
The above transaction was funded by a loan from HSBC Bank Plc, UK and internal accruals of Monocon International Refractories Ltd, UK.
The above entities, collectively referred to as Hofmann Group hitherto owned by Ernst Reiner Hofmann and Hartmut Hofmann, are primarily engaged in the manufacture of ceramic special filters used by foundries and have two operating manufacturing facilities, one in Erdbach near Frankfurt in Germany and the other in Bela in the Czech Republic.
Hofmann Group started manufacturing ceramic filters way back in 1937 and over the years has developed its own technology for the manufacture of special ceramics, particularly ceramic filters for foundries. Hofmann Group is known internationally and is a market leader for round-hole filters. The combined turnover for the 12 months ended 31 December 2007 was €13.67 million.
The acquisition of Hofmann Group enables IFGL to enter into a new business area of supplies of consumables to foundries. Currently, the foundry industry globally is growing at 15% to 17%. Foundries, particularly in China and India, are doing extremely well and now they would have the choice of superior ceramic products through IFGL, said the company. This acquisition will further strengthen the presence of IFGL globally.
www.ifglref.com
ENDS