IFGL Refractories completes German acquisition

15 July 2008

Mumbai: Leading refractories exporter IFGL Refractories has successfully completed acquisition of Hofmann Group of companies, a family-run business in Germany.

The acquisition has been made through Monocon International Refractories of the UK, an IFGL group company, and the new company will function as a 100 per cent subsidiary of Monocon, the company said in a release.

IFGL Refractories, which formed a special purpose vehicle - IFGL GmbH – for the purpose, also acquired 92 per cent shareholding of Hofmann Ceramics, Czech Republic and 100 per cent shareholding of Hofmann Ceramics LLC USA and Hofmann Ceramic Limited, UK.

The acquisition would allow the special refractory manufacturer an entry into the field of consumables for foundry units, IFGL director and chief executive Pradeep Bajoria said.

The acquisition had been funded mostly through borrowings from the HSBC Bank with some internal resources from Monocon International Refractories, he told a press meet.

''With this acquisition, IFGL will now have manufacturing units in seven countries, including China, Germany, Czech Republic, the UK, the US and Brazil,'' Bajoria said.