Austrian mining giant RHI Magnesita, which has been chasing opportunities for investment in Turkey for a long time, has finally signed. The Austrian company, which was interested in acquiring Kümaş Manyezit Sanayi A.Ş, a Yıldız Holding subsidiary in 2019, failed to reach its goal.
Continuing its interest in Turkey, the Austrian RHU had directed its target to other companies. This period has come to an end and the Austrian giant has purchased the Turkish refractory manufacturer Sörmaş Söğüt Refractory Materials. The Austrian company acquired 85% of Sörmaş for 38.8 million euros.
Headquartered in Vienna, the capital city of Austria, RHI Magnesita is among the world's leading companies in fireproofing products, systems and services. The company, which announced a revenue of 2.2 billion euros, has 14 thousand employees. The shares of the Austrian company are traded on the London Stock Exchange.
It produces 60 thousand tons per year
Sörmaş Söğüt Refractory Materials A.Ş., of which RHI Magnesita is the main shareholder, was established in 1976 to produce refractory materials.
The company, which started production in 1980, is now fired chamotte, high alumina, isolated, andalusite, alumina-SiC, corundum, chrome-corundum, magnesite, chromite, magnesite-chromium, spinel and resin-bonded alumina-carbon, alumina-SiC-carbon, alumina- manufactures magnesia-carbon, magnesia-carbon bricks, masonry mortars and cast, forged and sprayed monolithic materials.
With an annual production capacity of 60,000 tons, SÖRMAŞ's main customers are Iron-Steel, Cement, Glass, Lime, Metal and Ceramic manufacturers, power plants, refineries and waste incineration plants.
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