IFGL Refractories Ltd (IFGL) has entered into an in-principle agreement for purchase of 96.16% of the share capital of Hofmann Ceramic GmbH, Germany (including subsidiaries, namely, Hofmann Ceramic CZ, Czech Republic and Hofmann Ceramics Ltd, UK) and 100% of the Capital contribution of Hofmann OHG, Germany. These purchases will be effected by IFGL’s step down subsidiary, Monocon International Refractories Limited in the UK.

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. Post closing operations of Hofmann entities will continue to be spearheaded by Mr Hartmut Hofmann, current Managing Director and the products marketed under “Hofmann Ceramic” brand. 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 specialized 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.

Sourced From: Pressman India

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• IFGL pays Rs 1.50cr 1st instalment of advance income tax
• IFGL set up facilities for mfg of Dental Bone Graft Granule
• JK Tyre & Industries acquires Tornel, Mexico
• IFGL Refractories manufactures Orbital Implants in India
• JK Tyre acquires Tornel 100% shareholding for Rs 2700mn