RHI Magnesita to acquire the Indian refractory business of Dalmia Bharat Refractories for €212m.

RHI Magnesita, a supplier of refractory products, systems and services, agreed to acquire the Indian refractory business of Dalmia Bharat Refractories, an India-based producer of high alumina refractory bricks for the Indian cement industry, for €212m. "I am very pleased to announce this highly value creating acquisition which will accelerate our development in the fast-growing Indian refractory market. It is another step in the execution of our Group strategy. We see material financial and operational benefits from the addition of the Dalmia Bharat Refractories business to our existing network, which will enable us to increasingly serve our customers with a 'local for local' approach in India and offer a broader range of products, in particular in the Industrial segment, in which RHI Magnesita is currently under-represented. This transaction demonstrates our ability to continue to grow our business in India where the outlook for the refractory industry is strong, at a time when demand in other geographies is weakening," Stefan Borgas, RHI Magnesita CEO.