AUSTRIA: RHI MAY GIVE UP HERAKLITH
Article Abstract:
Chief executive Georg Obermeier says that the Austrian refractories and insulation materials producer RHI may give up entirely its insulating materials division Heraklith. Talks about a sale of a stake in the latter have failed so far, since RHI wanted to keep management responsibility. According to Obermeier, Heraklith is to be sold by the end of 2001. In the first half of 2001 RHI saw a 12% fall in turnover to EUR 952mn. Earnings before interest and taxes dropped 38.7% to EUR 25mn and earnings before interest, taxes, depreciations and amortisations 19.2% to EUR 78mn. Reacting to the weakness of markets, RHI is to reduce workforce in North America by another 700. Currently the group employs about 4,000 staff in the region.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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Austria: RHI to sell Heraklith
Article Abstract:
The supervisory council of RHI has decided on the divestment of the Austrian refractories maker's insulating materials division Heraklith. RHI is to concentrate on its core business, which should generate an operating profit of Sch 200mn on a turnover of EUR 1.8bn within three years. RHI is to sell the entire stock of the Heraklith division employs 2,200 staff and generates an annual turnover of EUR 194.1mn. Originally it had planned a partnership in which RHI would have retained control. The construction materials maker Wienerberger and two financial investor groups from Vienna are said to be interested in Heraklith. The divestment is to be carried out in October 2001.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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