Timab Magnesium Completed Acquisition of Grecian Magnesite’s Stake Magna Inversiones

Timab Magnesium (Timab), a leading global specialist in magnesia and a subsidiary of Groupe Roullier, and Grecian Magnesite S.A. (GM), one of the largest magnesia producers worldwide, jointly announced in April that Timab has acquired GM’s remaining stake in Magna Inversiones, the mother company of Magnesitas Navarras (together Magna). Magna is now wholly owned by Timab. Timab and GM acquired Magna in 2000 as a joint venture, blending resourcefully their mining, manufacturing and marketing skills. Magna is a major integrated player in the field of refractory masses intended for use in electric steel mill furnaces, thanks to its significant expertise in mining (with two sites currently operating in Spain: one in Azcarate and one in Borobia), and its renowned industrial know-how. Magna exports globally its high value-added refractory masses, whose quality is recognized by its steel industry customers. Timab’s General Manager Gilles Le Jean said: “Timab has been willing to expand all of its different magnesite activities for several years, and this position of an integrated player with a strong innovation culture makes Magna a core development asset of Timab's activities in the refractory magnesite business”. The acquisition is effective immediately.

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