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RHI Magnesita

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RHI strengthens Heraklith position in Central and Eastern Europe

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Together with its Slovenian partner EuroVek d.o.o., the Insulating
Division of RHI with its lead company Heraklith AG has held
participating interests in the Slovenian stone wool producer Termo
d.d. since 1997. Heraklith Group currently holds an interest of
approx. 41.5% in Termo, while Termo and Heraklith each have a 50%
stake in the Croatian company Termika d.d. and the Slovak company
Izomat a.s. All the above companies have major stone wool productions
and hold considerable market shares in the booming insulating markets
of Central and Eastern Europe.
Heraklith signed an agreement to buy an initial 50% share of its
partner EuroVek, providing for a complete takeover of the engineering
company by 2008 at the latest. Together with Heraklith, EuroVek is
one of the few specialists worldwide with outstanding expertise in
their endeavours to establish and modernise stone wool productions
for insulating materials. EuroVek has 35 specialised employees on its
payroll and provides consulting services to insulating producers,
particularly in Eastern Europe, Russia and Asia. EuroVek has a
turnover of some EUR5 million and the company enjoys excellent
profitability.
Through its acquisition of an initial 50% interest in EuroVek,
Heraklith will also indirectly be obtaining additional Termo shares
and Termo's participating interests in Termika and Izomat. The
Heraklith stake in Termo will increase to over 60% and the company
will thus be fully consolidated into the Heraklith Group and the RHI
Group. Termo produces insulating material using stone wool and is
market leader in Slovenia. Moreover, 75% of its production is
exported, the main share consisting of "technical insulation" for the
global market. Termo has a turnover of more than EUR55 million, its
EBIT margin is currently at over 7%. Termika and Izomat have both
already been consolidated into the Heraklith Group and RHI Group.
By acquiring EuroVek and through the associated increase in Termo,
Termika and Izomat shares, Heraklith will be taking a decisive step
toward improving its position as leading supplier of stone wool
know-how and insulating material made of stone wool in Central and
Eastern Europe. This move marks another stepping stone in the
expansion toward these growth markets, particularly in Russia where
EuroVek is currently modernising three of its stone wool factories.
Heraklith will make best possible use of the excellent growth
prospects Eastern Europe have to offer while firmly continuing to
strengthen its market position and thus the value of the insulating
group.
The execution of the agreement concluded still requires prior
approval by the national authorities. The parties to the agreement
have agreed to keep the purchase price confidential.
end of announcement                    euro adhoc 21.12.2004 07:30:00 

Further inquiry note:

RHI AG
Investor Relations
Markus Richter
Phone: +43-1-50213-6123
Email: markus.richter@rhi-ag.com

Branche: Refractories
ISIN: AT0000676903
WKN: 067690
Index: ATX Prime
Börsen: Wiener Börse AG / official dealing

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