Huber about to acquire remaining stake in Magnifin
Huber has signed an agreement to acquire the remaining stake in Magnifin joint venture.
Huber Corporation has signed a definitive agreement with RHI Magnesita to acquire their 50% ownership stake in the companies’ 50/50 joint venture, Magnifin Magnesiaprodukte GmbH & Co. KG (“Magnifin”). The transaction is expected to close in the second half of 2021, pending regulatory approvals.
Magnesium hydroxide products
Huber originally acquired its 50% ownership interest in Magnifin as part of the purchase of the Martinswerk operation from Albemarle in 2016. Located in Bergheim, Germany, Martinswerk became part of the Huber Engineered Materials (HEM) Fire Retardant Additives (FRA) strategic business unit (SBU), which produces a wide range of halogen-free products for flame retardant and smoke suppression applications and aluminum oxides. Based in Breitenau, Austria, Magnifin has been producing and selling magnesium hydroxide products since 1991.
“This transition is a strong strategic fit with HEM’s mission to own and operate specialty chemical and mineral companies with market leading positions,” says Dan Krawczyk, President of Huber Engineered Materials. “This step forward demonstrates our commitment towards our customers to support their growth and our clear strategy to grow our halogen-free fire retardant business globally,” adds Victor Dean, General Manager of HEM’s FRA Business.
