RHI Magnesita

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.

RHI Magnesita
TypeNaamloze vennootschap
LSE: RHIM
IndustryRefractories
Founded1908
HeadquartersVienna, Austria
Key people
Herbert Cordt (Chairman)
Stefan Borgas (CEO)
Revenue€2,922.3 million (2019)[1]
€273.3 million (2019)[1]
€148.8 million (2019)[1]
Number of employees
14,000 (2017)[2]
Websitewww.rhimagnesita.com/

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.[3] A German American, Emil Winter, acquired the mining rights and founded the "Austro-American Magnesite Company" (later Radex Austria).[3] 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.[3] Then in 1991 RHI AG acquired Veitscher Magnesitwerke Actien-Gesellschaft, a rival business founded by Carl Spaeter in Germany in 1889.[3]

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).[3]

RHI AG acquired Global Industrial Technologies (GIT) in 2000.[3] 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.[4] GIT entered bankruptcy under Chapter 11, Title 11, United States Code in February 2002.[4] RHI AG sold its North American subsidiaries, including GIT, later in the year.[3]

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.[5]

The company completed the takeover of Stopinc AG (Switzerland) in 2012[6] and bought a majority acquisition of Orient Refractories in India in 2013.[7]

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.[8] Additionally, the RHI Magnesita shares can still be traded via the global market segment of the Vienna Stock Exchange.[9][10]

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.[11][12][13]

References
  1. "Annual Results 2019" (PDF). RHI Magnesita. Retrieved 28 April 2020.
  2. "Key Facts". RHI Magnesita. Retrieved 29 March 2019.
  3. "RHI AG: history". Funding Universe. Retrieved 30 November 2017.
  4. "In re Global Industrial Technologies, Inc.: Chapter 11, Debtors". Leagle. Retrieved 10 April 2018.
  5. "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.
  6. "RHI takes over refractory speciality producer". Glass online. 31 January 2012. Retrieved 30 November 2017.
  7. "RHI acquiring 43.6% in Orient Refractories for $41M". VC Circle. 15 January 2013. Retrieved 30 November 2017.
  8. "Industrial giant RHI Magnesita shrugs off Brexit with new London listing". City AM. 26 October 2017. Retrieved 30 November 2017.
  9. "RHI MAGNESITA N.V. (NL0012650360) - Preisdaten". Wiener Börse. Retrieved 9 April 2018.
  10. "Wiener Börse: ATX stagniert, Handelsvolumen steigt". Trend.
  11. "RHI Magnesita starts trading on London Stock Exchange". Global Cement. Retrieved 9 April 2018.
  12. "Stefan Borgas new president of the WRA". Financial Times. Retrieved 9 April 2018.
  13. "RHI Magnesita Factsheet" (PDF). RHI Magnesita.
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