Refractories manufacturer Rath has acquired a 33% stake in Avanee Refsol India.
Production is being set up in Visakhapatnam, which is in the Indian State of Andhra Pradesh, together with the partners of Avanee Refsol.
Production is scheduled to start at the beginning of 2025.
An annual capacity of 20,000 tons of refractory products is projected in a two-stage plan.
In addition to a capital investment, Rath will contribute its expertise in specialty products for refractory applications.
Ingo Gruber, Chief Technical Officer of Rath AG, said: "Our specialists from the Rath Group will play a key role in selecting the machines and production processes. In addition, Rath will provide on-site training for employees."
Andreas Pfneiszl, Speaker of the Executive Board, explained the reasons behind Rath’s investment in India.
He said: “Rath has defined three main goals in its Evolution 2030+ strategic growth plan: sales growth, increasing profitability and introducing new products and total solutions for our customers.
“Our customers are no longer located solely in Europe and the USA – we are increasingly able to offer our solutions worldwide. This requires access to larger production capacities outside our current production sites. The investment in India will enable us to reach the Asian growth market better and faster."
Alexandra Rester, CFO of Rath, added: "With this investment in completely new machines and our proximity to the future markets, we can make a significant contribution to sustainability."
14.02.2024, Rath AG
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