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RHI Magnesita NV on Tuesday said it has acquired the European refractory businesses of the Press Daimler Group. The Vienna-based supplier of refractory products said it bought the businesses, termed P-D Refractories, for around €45 million in cash, to be funded from undrawn facilities and cash. P-D Refractories has assets including refractory plants in Germany and Czech Republic, as well as clay, quartzite and silica raw material sites in Czech Republic and Slovenia. It brought in revenue of €171 million in 2022, and had gross assets of €187 million at the end of that year. ‘The acquisition will increase RHI Magnesita’s capabilities in alumina-based refractories and its presence in process industries, where the group is currently under-represented compared to other customer sectors,’ RHI Magnesita explained. ‘Substantial synergies are expected to be generated through access to new customers and cross-selling opportunities, production network and logistics efficiencies, vertical integration benefits, recycling, technology transfer and procurement savings.’ The acquisition is not expected to result in a material increase in gearing for RHI Magnesita on a pro forma earnings before interest, tax, depreciation and amortisation. Shares in RHI Magnesita were down 0.5% at 2,743.00 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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