IFGL Refractories to acquire German company

For this, the company has already entered into an in-principle agreement for purchase of 96.16 per cent of the share capital of Hofmann (including subsidiaries, namely, Hofmann Ceramic CZ, Czech Republic and Hofmann Ceramics, UK) and 100 per cent of the capital contribution of Hofmann OHG, Germany.
 
"This will help us penetrate our existing market including the US, UK, Brazil, China and India more steeply with the expanded network of Hofmann," said a company source.

 

Hofmann entities are predominantly engaged in the manufacture of ceramic filters and other refractories for the foundry industry. Operating facilities are located at Breitscheid-Erdbach in Germany and City of Bela in Czech Republic. Hofmann Ceramic products are well regarded in the foundry industry.

The combined turnover of Hofmann entities is euro 13.67 million.
The acquisition of Hofmann entities will enable IFGL and its subsidiaries in Brazil, China, UK and USA presently engaged in manufacture of specialised refractories and operating systems for the producers of iron and steel, to diversify and serve the foundry industry. This will also give the group two manufacturing bases in the European union.