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[June 2002]
Siam Cement Sells Kiln Furniture Business to Imerys
Siam Refractory Industry Company Ltd (SRIC) - a subsidiary of Thailand based Siam Cement Group (SCC) - has reached an agreement with Imerys Group of France to sell its kiln furniture business for approximately 250 million baht. This transaction is expected to be completed in the fourth quarter of 2002, where SCC is expected to book an after-tax net gain of approximately 130 million baht.SRIC is the largest refractory producer in South East Asia. Its products are mainly used in the cement, iron and steel, and ceramic businesses. As of 31 December 2001, SRIC's kiln furniture assets were approximately 70 million baht. In 2001, sales amounted to around 170 million baht, of which 30% were export sales to 47 countries world-wide.
Kiln furniture products are used in the ceramic industry. With an annual production of about 2,800 tons, SRIC's production facility is located in Saraburi.
With businesses in 38 countries, Imerys Group has operations in pigments and additives, building materials, refractories and abrasives, ceramics and specialities. In 2001, its turnover was around 2.9 billion euro. The Imerys kiln furniture business unit is located within the Ceramic and Specialty division. This transaction is expected to create a real opportunity for Imerys to develop its activity in Asia.
ENDS