The Hindu Business Line : IFGL Refractories to buy German co for €7 m

Kolkata, June 12 IFGL Refractories Ltd (IFGL) has entered into an “in-principal agreement” for purchase of 96.16 per cent of the share capital of Hofmann Ceramic GmbH, Germany – including its subsidiaries Hofmann Ceramic CZ, Czech Republic, and Hoffman Ceramics Ltd of the UK – and 100 per cent of the capital contribution of Hofmann OHG, Germany, for a consideration of around €7 million.

According to a communiqué received from IFGL, Hoffman entities are predominantly engaged in the manufacture of ceramic filters and other refractories for the foundry industry.

Its operating facilities are located at Breitscheid-Erdbach in Germany and in the city of Bela in the Czech Republic. The combined turnover of Hoffman entities has been pegged at €13.67 million.

The acquisition of Hoffman entities will enable IFGL and its subsidiaries in Brazil, China, the UK and the US – which presently manufacture refractories for iron and steel industries — to diversify and meet the requirements of the foundry industry, according to the release.

A company official said the modalities in this regard “are being worked out”.

More Stories on : Overseas Investments | Mergers & Acquisitions | Steel

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page