Company type | Naamloze vennootschap |
---|---|
Industry | Refractories |
Founded | 1908 |
Headquarters | Vienna, Austria |
Key people | Herbert Cordt (
Chairman) de:Stefan Borgas ( CEO) |
Revenue | €3,571.8 million (2023) [1] |
€333.9 million (2023) [1] | |
€171.3 million (2023) [1] | |
Number of employees | 15,000 (2023) [2] |
Website | www.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.
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]
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]