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RHI Magnesita

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RHI Magnesita
Company typeNaamloze vennootschap
IndustryRefractories
Founded1908
HeadquartersVienna, Austria
Key people
Herbert Cordt (Chairman)
de:Stefan Borgas (CEO)
RevenueIncrease €3,571.8 million (2023)[1]
Decrease €333.9 million (2023)[1]
Increase €171.3 million (2023)[1]
Number of employees
15,000 (2023)[2]
Websitewww.rhimagnesita.com/

RHI Magnesita N.V. is a 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

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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 stake in Orient Refractories.[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]

In May 2021, RHI Magnesita merged its other two Indian subsidiaries, RHI Clasil and RHI India, into Orient Refractories, which was publicly listed.[11] In July 2021, Orient Refractories was renamed to RHI Magnesita India.[12] RHI Magnesita India is publicly listed on the National Stock Exchange of India and the Bombay Stock Exchange.[13]

Operations

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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.[14][15][16]

References

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  1. ^ a b c "Annual Results 2023". RHI Magnesita. Retrieved 28 February 2024.
  2. ^ "RHI Magnesita Expands Presence in Mexico". RHI Magnesita. 17 November 2023. Retrieved 13 February 2024.
  3. ^ a b c d e f g "RHI AG: history". Funding Universe. Retrieved 30 November 2017.
  4. ^ a b "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. ^ Dilipkumar, Bhavya (19 May 2021). "RHI Magnesita's two Indian businesses merge with Orient Refractories Limited". The Economic Times. Retrieved 2022-06-28.
  12. ^ India Infoline News Service (5 July 2021). "Orient Refractories renames as 'RHI Magnesita India'; Stock zooms 4%". www.indiainfoline.com. Retrieved 2022-06-27.
  13. ^ "RHI Magnesita India Ltd". Business Standard India. Retrieved 2022-06-26.
  14. ^ "RHI Magnesita starts trading on London Stock Exchange". Global Cement. Retrieved 9 April 2018.
  15. ^ "Stefan Borgas new president of the WRA". Financial Times. Retrieved 9 April 2018.
  16. ^ "RHI Magnesita Factsheet" (PDF). RHI Magnesita.
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