RHI Magnesita expands footprint in North America through Resco Group acquisition
Summary
TAMPA, Fla.--(BUSINESS WIRE)--RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, is pleased to announce the completion of the acquisition of the U.S.-based Resco Group, from an affiliate of Balmoral Funds LLC, a Los Angeles-based private equity firm, and management. The addition of Resco Group to the company’s North America operations will significantly increase local-for-local production, improving supply chain security for these critical industries that underpin the economic health of the region. Over the coming weeks and months, RHI Magnesita will focus on integrating teams, processes, technology, and resources to ensure a seamless transition and maintain business continuity for the combined entity’s suppliers, customers and other stakeholders. RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects.