RHI and Magnesita have reached an agreement to combine operations to create a leading refractory company.

The combined company, to be named RHI Magnesita, will be established in the Netherlands and listed in London.

The Transaction is expected to complete in 2017. Both companies will remain completely separate and independent until then.

RHI Magnesita will be a leading refractory company with an enhanced growth profile due to improved regional presence and complementary asset portfolios.

RHI, based in Austria, is a global supplier of high-grade refractory products, with 2015 revenues of € 1,753 million.

Brazil-based Magnesita is a global provider of integrated refractory solutions, services and industrial minerals, with revenues of US$1,013 million (€ 914 million) in 2015.