The closing of the acquisition of Seven Refractories was announced by RHI Magnesita. 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. In the future, 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. 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.
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, on July 20.
"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," says Stefan Borgas.
"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. In addition, RHI Magnesita's global presence and capabilities allow us to offer our customers an even broader product portfolio and optimized services," added Erik Zobec.
Together, RHI Magnesita and Seven Refractories will further advance their strong commitment to sustainability to meet the growing demands of the global industry by offering high-value technology solutions.
