The Hindu : Business : IFGL completes German company buy

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Tuesday, Jul 15, 2008
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IFGL completes German company buy

Special Correspondent

Proposes to set up unit in Pune
Will produce ceramic filters in India

KOLKATA: A leading refractories exporter, IFGL Refractories has completed the acquisition of Hofman Group of Companies, a German family-run business. IFGL director and chief executive Pradeep Bajoria said that the `buy’ would allow the special refractory manufacturer an entry into the field of consummables for foundry units.

Addressing a pressmeet here on Monday, he said the acquisition had been funded mostly through a borrowing from the HSBC Bank with some internal resources from Monocon International Refractories of the U.K., an IFGL group company. “With this acquisition, IFGL will now have manufacturing units in seven countries, including China, Germany, Czech Republic, UK, USA and Brazil”.

He said that the acquisition includes a clutch of manufacturing, distribution and an IPR holding company. For making the acquisition, a special purpose vehicle, IFGL GmbH has been formed as a 100 per cent subsidiary of Monocon International. One of the two brothers who had owned Hofman, Hartmut Hofman will be the managing director of Hofman Ceramics GmbH.

Mr. Bajoria said that some of these products would now be made in India either at IFGL’s existing unit in Rourkela or at a new facility proposed to be set up at Pune. “IFGL will make ceramic filters in India for the local market and export to China and other countries.” Mr. Bajoria said, adding that Hofman Ceramics was also engaged in marketing its products to the wire and cable industry and steps would be taken to manufacture these products in India.

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