J.M. Huber Corp. recently signed a definitive agreement with RHI Magnesita (RHIM) to acquire its 50% ownership stake in the companies' 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG. The transaction is expected to close in the second half of 2021, pending regulatory approvals.
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, 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 premium magnesium hydroxide (MDH) 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," said Dan Krawczyk, president of Huber Engineered Materials.
According to Victor Dean, general manager of HEM's FRA business, "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."
Learn more about Huber Engineered Materials at www.hubermaterials.com.