Dalmia-OCL, the refractories business of Dalmia Bharat Group on Wednesday announced acquisition of German Speciality refractory maker GSB Group GmbH for $17 Mn, which would help the company to expand in Europe.
Bengaluru, 06 Feb, 2019. RedNewswire/-
Dalmia-OCL is India’s largest refractory company with a production capacity of 250K tons a year. With the acquisition, the company will get access to the steel and refractory industry in Europe and technology to make cleaner steel.
It will also provide an opportunity to work with newer talent who understand and are trained in advanced steel making processes. Refractory is a specialised heat-resistant material used in making cement, steel, copper, aluminium etc.
GSB Group is a global leader in lance production, essential producing clean steel of good quality. It has two production sites – at Bochum (Germany) and Bhilai (India).
Mr Sameer Nagpal, CEO, Dalmia-OCLsaid “We are delighted as this acquisition marks our group’s first major step in Europe where consolidation in the market has opened new doors for a company like ours. Dalmia-OCL’s end-to-end refractory portfolio and GSB’s access to European steel customers will make this combination a strong competitor in Europe.”
He further added “This acquisition will also make us one of the specialized manufacturers of refractories, for cleaner steel production, a focus area for Indian steel makers too.It will give us newer resources and talents in Europe which will help strengthen our capability in India, which is the fastest growing market for refractories in the world.”
Mark Runge, Managing Director, GSB Group GmbH said, “We are happy that the Dalmia Bharat Group and its refractory business have taken over the company. We built the GSB Group with a vision to service its customers in the region with world-class efficiencies and best-in-class talent. I am confident that with the experience and legacy of Dalmia this vision will only get better and move to the next level.”
Dalmia-OCL offers refractories in over 40 countries, catering to various industries including iron and steel, cement, glass, non-ferrous metals, energy and petrochemicals.
The company expects a revenue of 800 crore this year, 60% of which is likely to e contributed by the steel segment.