HUBER'S MAGNIFICIENT MOVE TO ACQUIRE REMAINING STAKE IN MAGNIFIN JOINT-VENTURE

KUALA LUMPUR, May 6 (Bernama) -- J.M. Huber Corporation (Huber) recently signed a definitive agreement with RHI Magnesita to acquire its 50 per cent ownership stake in the companies’ 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co KG (MAGNIFIN).

Based on a statement, this transaction is expected to close in the second half this year, pending regulatory approvals.

Huber originally acquired its 50 per cent 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, which produces a wide range of halogen-free products for flame retardant and smoke suppression applications and aluminum oxides.

“This transition is a strong strategic fit with HEM’s mission to own and operate specialty chemical and mineral companies with market leading positions,” said President of Huber Engineered Materials, Dan Krawczyk.

HEM’s FRA Business General Manager, Victor Dean said: “This step forward demonstrates our commitment towards customers to support their growth and our clear strategy to grow halogen-free fire retardant business globally.”

Based in Breitenau, Austria, MAGNIFIN has been producing and selling premium magnesium hydroxide products since 1991.

-- BERNAMA