(Sharecast News) - RHI Magnesita said it was buying Resco Group, a US-based producer of alumina monolithics and refractories, for up to $430m.
Resco makes products for use in the petrochemical, cement, aluminium, and steel making industries, operating seven plants and two raw material sites in the US and two plants in the UK and Canada.
RHI said it was responding to customer feedback to improve supply-chain efficienc and cut production lead times.
Currently approximately 50% of its US sales are not produced in the country and the deal will see "significant" local production in the US and Canada transferred from non-US plants to the Resco production facilities in the US.
Reporting by Frank Prenesti for Sharecast.com
RHI Magnesita (RHIM)