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Japanese leader takes 51% share
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TRL under joint management
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Cookson reports Q1 improvements
Mike O’Driscoll, Mark Watts
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Application of Vesuvius’ lining materials.
Cookson Group |
Krosaki Harima Corp., Japan’s leading refractories producer, has acquired 51% of the outstanding shares in India’s top manufacturer Tata Refractories Ltd (TRL) from Tata Steel Ltd for Yen10.45bn ($127.5m.).
The deal, concluded on 21 April, strengthens Krosaki Harima’s position as the world’s fourth largest refractories producer after Vesuvius, Belgium; RHI AG, Austria; and Magnesita Refratarios SA, Brazil.
The two companies’ combined estimated sales in the fiscal year to 31 March 2011 amounted to Yen112.3bn ($1.37bn). TRL will become a subsidiary of Krosaki Harima under joint management....