RHI Magnesita NV on Wednesday said it has acquired Dalmia GSB Refractories GmbH for around €13 million in cash.

The Vienna-based supplier of refractory products, such as bricks, said the acquisition will enable it to expand its offering to European customers, where DGSB’s monolithic lances ‘are a complementary addition’ to its existing range of products.

DGSB is a Bochum, Germany-based leading supplier of monolithic lances and precast products to European steel customers.

The company said there is potential for attractive synergies to be realised through the inclusion of the additional product lines within RHI Magnesita’s heat management solutions sector, as well as from cross-selling, logistics benefits and procurement.

Chief Executive Officer Stefan Borgas said: ‘I am pleased to report continued momentum in the execution of our M&A strategy through this acquisition from the Dalmia Bharat Group in Europe. Steel flow control is a market we have targeted for growth and this acquisition will bring additional benefits to our customers as we broaden the technologies and solutions we can offer to them.’

RHI Magnesita shares rose 0.4% to 2,224.52 pence each in London on Wednesday morning.

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