IFGL acquires Hofmann Ceramic of Germany

June 12th, 2008 - 9:23 pm ICT by IANS  

Kolkata, June 12 (IANS) Kolkata-based IFGL Refractories Ltd (IFGL) has entered into an in-principle agreement for purchase of 96.16 percent stake of Hofmann Ceramic GmbH of Germany and 100 percent stake of Hofmann OHG. The purchases will be effected by IFGL’s step down subsidiary, Monocon International Refractories Limited in Britain, a company release said Thursday.

The acquisition of Hofmann entities will enable IFGL and its subsidiaries in Brazil, China, Britain and the US - presently engaged in manufacture of specialised refractories and operating systems for the producers of iron and steel - to diversify and serve the foundry industry, besides giving the group two manufacturing bases in the EU.

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

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