Imerys set to acquire 60% stake in refractory supplier

France-based Imerys has signed an agreement for the acquisition of a 60 per cent stake in Turkey’s Haznedar Group, a high-grade monolithic refractories and refractory brick manufacturer.

The industrial minerals company will also have the option to purchase the remainder of Haznedar.

"With this deal, Imerys will complement its current offer with basic and acidic refractory bricks and extend its industrial footprint with a competitive production base in Turkey, strategically located between Europe, Middle-East and Africa," said the company.

The transaction is expected to complete in the 4Q20, subject to antitrust approvals.