RHI Magnesita announces the closing of the acquisition of Seven Refractories. The official closing took place on July 17, 2023. Seven Refractories, a specialty supplier of alumina-based refractories, serves customers in the iron and steel, cement, aluminum and non-ferrous metals industries and shows continuous growth in these sectors. Alumina refractories are expected to become increasingly important in the development of new production technologies with low CO2 emissions in RHI Magnesita’s customer industries in the future. With the acquisition, RHI Magnesita’s global network will be expanded by approximately 240 employees at three production sites in Slovenia, India and the USA as well as at sales and service sites in Germany, Italy, the United Kingdom and Cyprus. The acquired business units of Seven Refractories generated revenues of € 105 million and a pre-tax profit 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 takeover in the presence of the employees of Seven Refractories during an official ceremony at the Seven Refractories plant in Divača, Slovenia.
Stefan Borgas explains: “Today we celebrate a milestone with the closing of the acquisition of Seven Refractories by RHI Magnesita. By combining our expertise, innovation and commitment to sustainability, we will be able to develop even more attractive solutions for the changing needs of our customers. I am delighted to welcome the great team from Seven Refractories to RHI Magnesita. With our combined knowledge and passion, we will develop high-value sustainability offerings and cross-selling opportunities as well as supply chain optimization potentials to set new benchmarks in the refractories industry and further drive our strategy to grow through consolidation.”
Erik Zobec adds: “We are very proud to now be part of RHI Magnesita. Only 12 years after the company was founded, this step is a confirmation of our achievements: our innovative product portfolio, our pioneering production technology and our commitment to customer service. Moreover, thanks to the global presence and capacities of RHI Magnesita, we are able to offer our customers an even broader product portfolio as well as optimized services.”
Together, RHI Magnesita and Seven Refractories will continue to drive their strong commitment to sustainability to meet the growing needs of the global industry by offering high quality technology solutions.
