Imerys, one of the leading companies in alumino-silicate monolithic refractories, has signed an acquisition agreement with the Haznedar group, a Turkish-based high-grade monolithic refractories and refractory bricks manufacturer, serving iron & steel, cement and petrochemical segments. Company is further strengthening its leadership position in the refractory market thanks to the agreement for the acquisition of 60% majority stakes of Haznedar Companies Group. The agreement also contains an option to acquire remaining stakes.
With this deal, Imerys aims at complementing its current offer with basic and acidic refractory bricks. Company also targets at extending its industrial footprint across Europe, Middle-East and Africa with a competitive production base in Turkey. The closing of this transaction, which is subject to antitrust approvals, is expected in the fourth quarter of 2020.
Haznedar Companies Group generated USD 64 million in revenue (of which 40% from exports) and USD 17 million in EBITDA in 2019.