London Stock Exchange welcomes RHI Magnesita
London Stock Exchange today welcomes RHI Magnesita N.V. (“RHI Magnesita”), the world’s largest refractory industry player, to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s Main Market for listed securities.
RHI Magnesita is the result of the combination of RHI AG and Magnesita Refratarios S.A. to form the leading global supplier of high-grade refractory products, systems and services which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals, and glass, among others. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves more than 10,000 customers in nearly all countries around the world. With more than 14,000 employees in 35 main production sites and more than 70 sales offices, the company has unmatched geographic diversification, offering increased proximity to customers and logistics advantage, as well as shorter lead-times.
The combined company had pro forma €2.5 billion in revenues in 2016. RHI Magnesita will use its global leadership, greater scale, complementary product portfolio and diversified geographic presence to target markets in regions benefitting from more dynamic economic growth.
Dealing in the company’s ordinary shares starts today under the ticker “RHIM”.
Stefan Borgas, CEO of RHI Magnesita, said:
“Today’s London listing is the beginning of our journey as RHI Magnesita, the clear global industry leader in refractory products and services. Our focus now is to complete the integration, build the business in regions and products where we don’t have a significant presence, and use our combined best in class technological know-how to find new solutions for our customers.
“We are starting this journey with the best and most passionate people in the industry who are committed to work together to deliver the planned synergies, generate strong cash flow and deleverage the balance sheet thereby creating value for all our stakeholders. I am excited about the future of RHI Magnesita and the role we can play in the future of the refractory industry.”
Citi acted as sole Sponsor to RHI Magnesita on the listing and sole financial adviser to RHI on the combination with Magnesita.