Refractories supplier RHI has completed its merger with Magnesita Refractories.
The European Commission approved the combination of RHI AG and Magnesita Refratarios in June provided RHI sold its entire dolomite business in the European Economic Area, which concerned production sites in Marone; Italy, and Lugones; Spain.
Magnesita had to sell its production, sale, and related activities of magnesia-carbon bricks in the EEA, concentrated in Oberhausen; Germany.
On September 8, 2017, RHI AG and Magnesita agreed to sell these plants to Intocast Aktiengesellschaft Feuerfest-Produkte und Gießhilfsmittel for €42.6m in September.
The deal was subject to buyer approval by the European Commission, which has now been obtained.
€40.0m is payable upon completion and €2.6m will be paid on the second anniversary of the closing date. The new company is called RHI Magnesita.