IFGL Refractories, an iron and steel refractory manufacturer has finally completed acquisition of Hofmann Group of Companies through a Special Purpose Vehicle (SPV) named IFGL GmbH, a 100% subsidiary of Monocon International Refractories Limited of UK.

Under the deal, IFGL has acquired its subsidiaries, Hofmann Ceramic CZ, Czech Republic and Hofmann Ceramics, UK. The company has also bought 100% stake in Hofmann OHG, Germany.

The SPV had acquired 96.16% shareholding in Hofmann at a price of €7 million.

Hofmann entities are predominantly engaged in the manufacture of Ceramic Filters and other refractories for the foundry industry. The combined turnover of Hofmann entities is Euro 13.67 million.

The transaction has been funded by loan from HSBC and internal accruals of Monocon International Refractories Ltd.
With the recent and earlier acquisitions, IFGL would now manufacture ceramic filters in India for the local market and export to China and other countries.

Further, the acquisition will also enable IFGL and its subsidiaries in Brazil, China, UK and USA, to diversify and serve the foundry industry.