RHI Magnesita announces its intention to acquire Resco Group, a U.S. based producer of alumina monolithics and wide range of basic and non-basic refractories, for an enterprise value of up to $430 million.
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Resco is a producer of shaped and unshaped refractories, including products for use in the petrochemical, cement, aluminium, and steel making industries.
Resco operates seven plants and two raw material sites in the US and two plants in the UK and Canada.
Resco’s Rescobond and Rescocast brands are widely used in refining and petrochemical applications by global customers.
Resco is currently owned by Balmoral Funds, a $1.5 billion assets under management California-based private equity RIA focusing on investments in industrials, business services, aerospace and logistics businesses with complex operations and/or ownership dynamics, such as corporate divestitures.
Resco recorded unaudited revenues of $252 million in the year to 31 December 2023, with Profit before Tax of $20 million and had Gross Assets of $191 million at 31 December 2023.
RHI Magnesita is a leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals, and glass.
With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with around 16,000 employees in 47 production sites, 8 recycling facilities and more than 70 sales offices.
RHI Magnesita intends to build on its leadership in revenue, scale, product portfolio and diversified geographic presence to expand further in high growth markets. ■
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