RHI Magnesita

RHI Magnesita
Naamloze vennootschap
Traded as LSE: RHIM
Industry Refractories
Founded 1908
Headquarters Vienna, Austria
Key people
 Herbert Cordt (Chairman)
Stefan Borgas (CEO)
Revenue €1,946.1 million (2017) [1]
€43.1 million (2017)[1]
€(12.9) million (2017)[1]
Number of employees
 14,000 (2017)[1]
Website www.rhimagnesita.com/

RHI Magnesita N.V. is a global leading supplier of refractory products, systems and services. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

Carl Spaeter
RHI Magnesita Headquarters, Vienna
RHI Magnesita Technology Center, Leoben

In 1908 Mining engineer Josef Hörhager discovered a magnesite deposit at Millstätter Alpe in Austria.[2] A German American, Emil Winter, acquired the mining rights and founded the "Austro-American Magnesite Company" (later Radex Austria).[2] In 1974 the company was bought by National Refractories Co. and in 1987 Radex-Heraklith Industriebeteiligungs AG ('RHI AG') emerged from the National Refractories Co. as a result of a management buyout.[2] Then in 1991 RHI AG acquired Veitscher Magnesitwerke Actien-Gesellschaft, a rival business founded by Carl Spaeter in Germany in 1889.[2]

Next, in 1995, RHI AG acquired a majority stake in its previous competitor Didier-Werke AG (founded by Friedrich Ferdinand Didier in 1834 when he acquired a brick and lime firing plant near Szczecin in Poland, and established the factory "Chamottefabrik F. Didier" in Podjuchy, thus becoming one of the first manufacturers of refractory bricks in Germany).[2]

RHI AG acquired Global Industrial Technologies (GIT) in 2000.[2] GIT had a subsidiary, APG (formerly A.P. Green Refractories Company), which has been named as defendant in hundreds of thousands of asbestos-related injury litigation cases.[3] GIT entered bankruptcy under Chapter 11, Title 11, United States Code in February 2002.[3] RHI AG sold its North American subsidiaries, including GIT, later in the year.[2]

In 2004 the company was required to pay a civil penalty of $650,000 for failing to undertake asbestos remediation at a plant in Marelan, Quebec, Canada which it had been ordered to sell to Resco Products, Inc. in 1999.[4]

The company completed the takeover of Stopinc AG (Switzerland) in 2012[5] and bought a majority acquisition of Orient Refractories in India in 2013.[6]

In October 2017 RHI AG merged with Magnesita, a Brazilian competitor, and then abandoned its listing on the Vienna Stock Exchange and instead secured a listing on the London Stock Exchange as RHI Magnesita.[7] Additionally, the RHI Magnesita shares can still be traded via the global market segment of the Vienna Stock Exchange.[8][9]

Operations

The company produces roughly 3 million tons of refractory products each year at 35 main production and 10 main raw material sites around the world.[10][11][12]

References

  1. 1 2 3 4 "Annual Report 2017" (PDF). RHI Magnesita. Retrieved 27 March 2018.
  2. 1 2 3 4 5 6 7 "RHI AG: history". Funding Universe. Retrieved 30 November 2017.
  3. 1 2 "In re Global Industrial Technologies, Inc.: Chapter 11, Debtors". Leagle. Retrieved 10 April 2018.
  4. ↑ "RHI AG to Pay $650,000 Civil Penalty and Perform Asbestos Cleanup to Settle FTC Order Violation Charges". Federal Trade Commission. 19 February 2004. Retrieved 9 April 2018.
  5. ↑ "RHI takes over refractory speciality producer". Glass online. 31 January 2012. Retrieved 30 November 2017.
  6. ↑ "RHI acquiring 43.6% in Orient Refractories for $41M". VC Circle. 15 January 2013. Retrieved 30 November 2017.
  7. ↑ "Industrial giant RHI Magnesita shrugs off Brexit with new London listing". City AM. 26 October 2017. Retrieved 30 November 2017.
  8. ↑ "RHI MAGNESITA N.V. (NL0012650360) - Preisdaten". Wiener Börse. Retrieved 9 April 2018.
  9. ↑ "Wiener Börse: ATX stagniert, Handelsvolumen steigt". Trend.
  10. ↑ "RHI Magnesita starts trading on London Stock Exchange". Global Cement. Retrieved 9 April 2018.
  11. ↑ "Stefan Borgas new president of the WRA". Financial Times. Retrieved 9 April 2018.
  12. ↑ "RHI Magnesita Factsheet" (PDF). RHI Magnesita.
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