May 11, 2010 - Leading refractories producer, Austria-based RHI AG, has bought a minority stake in one of Russia's largest glass refractories producers.
The value of the deal, which took place in April 2010, was not disclosed, and the identity of the Russian producer, which operates a fused cast brick plant in Moscow, is not yet known.
There are several contenders for RHI's investment, with the most likely of these being Scherbinka EPO Plant, based in Sherbinka around 10km from Moscow.
Scherbinka specializes in AZS fused cast refractories and is thought to be one of the six leading companies in this market worldwide. RHI did not comment on the company.
"Currently we cannot disclose anything," RHI declared, adding that the group expected to finalize the deal within the next eight weeks.
RHI's latest investment follows its buy of fused cast brick producer Monofrax Inc. from Vesuvius in 2007.
In the first quarter of 2010, RHI's revenues increased 8.4% to 342.2m. ($430m.) compared to the same period last year. The group's Earnings Before Interest and Taxes (EBIT), meanwhile, more than doubled from 14.1m. in Q1 2009 to 31.7m. in Q1 2010.
The value of the deal, which took place in April 2010, was not disclosed, and the identity of the Russian producer, which operates a fused cast brick plant in Moscow, is not yet known.
There are several contenders for RHI's investment, with the most likely of these being Scherbinka EPO Plant, based in Sherbinka around 10km from Moscow.
Scherbinka specializes in AZS fused cast refractories and is thought to be one of the six leading companies in this market worldwide. RHI did not comment on the company.
"Currently we cannot disclose anything," RHI declared, adding that the group expected to finalize the deal within the next eight weeks.
RHI's latest investment follows its buy of fused cast brick producer Monofrax Inc. from Vesuvius in 2007.
In the first quarter of 2010, RHI's revenues increased 8.4% to 342.2m. ($430m.) compared to the same period last year. The group's Earnings Before Interest and Taxes (EBIT), meanwhile, more than doubled from 14.1m. in Q1 2009 to 31.7m. in Q1 2010.
