- PRESS RELEASE
GRECIAN MAGNESITE ANNOUNCES THE SALE OF ITS 40% INTEREST IN SPANISH PRODUCER MAGNESITAS NAVARRAS S.A.
Athens, Greece -- April 27, 2018 -- Grecian Magnesite S.A. (“GM”), a leading manufacturer of magnesite and its compounds, has announced today the sale of its 40% equity interest in Magna Inversiones the mother company of Magnesitas Navarras (together, “Magna”) to the joint venture partner, Timab Magnesium (“Timab”), a subsidiary of Group Roullier.
GM and Timab acquired Magna in 2000 as a joint venture, blending resourcefully their mining, manufacturing and marketing skills. Today, Magna is a major integrated player in the field of refractory masses with an annual production capacity of >240,000 metric tonnes of caustic / deadburned magnesia and refractory mixes.
“We are very pleased to have reached this agreement as this transaction recognizes immediate value to both JV partners” GM’s CEO Dimitris Portolos said, adding, “proceeds from the sale frees up considerable capital and other resources that we can deploy to grow and expand our core mining & processing operations in Greece and Turkey. We are committed on delivering attractive performance to our global customers, applying the latest technologies across our business to help ensure we stay at the forefront of our evolving industry”.
Commenting on the transaction Pantelis Vetoulas, GM’s Commercial Manager said, “The sale is part of our strategy to optimize our asset portfolio and allocation of capital and complements the company’s plans for organic growth. We are investing heavily in new techniques and technologies to improve our operational effectiveness and responsiveness to the changing market conditions. We are focused on strengthening our position in certain tactical markets and applications”
The acquisition is effective immediately.