Decisive step towards circular economy resulting in significant reduction in CO2 emissions
VIENNA and SIEGEN, Germany, March 28, 2022 /PRNewswire/ --RHI Magnesita and the Horn & Co. Group announce their agreement to combine their recycling activities in Europe to increase the production, use and offering of secondary raw material for the European refractory industry targeting a substantial reduction of CO2 emissions. In the future, the newly created joint venture will operate as Horn & Co. RHIM Minerals Recovery GmbH.
This partnership will position the future company at the forefront of the circular economy for customers in the steel, cement, glass and other process industries. As a result, RHI Magnesita's ambitious plans to globally increase the recycling rate in its products from below three percent in 2020 to more than 10 percent in 2025 can be achieved earlier - marking an important step towards a targeted 15 percent reduction in carbon emissions by 2025.
Increased use of secondary raw materials - substantial CO2 reduction
Refractory producers such as RHI Magnesita can achieve a saving of 1.8 tons of CO2 for every ton of recycled material used. At the onset, Horn & Co. RHIM Minerals Recovery GmbH will process more than 150,000 tons of material per year.
"By increasing our focus in this key area, we will make a significant contribution to the global climate protection. We will conserve natural resources while at the same time expanding our business." explains Stefan Borgas, CEO of RHI Magnesita. "With the combination of the recycling activities, RHI Magnesita and Horn & Co. Group become the driving force of circular economy in the refractory industry. Going forward, refractory users will benefit from increasing circular economy solutions included in our full line service contracts and customers of Horn & Co. RHIM Minerals Recovery GmbH will be able to source sustainable and high-quality raw materials."
A key feature of Horn & Co. RHIM Minerals Recovery GmbH is the strategically beneficial location of its main plants in and around Siegen in North Rhine-Westphalia, Germany, and Mitterdorf in Styria, Austria. Combined, the two sites are ideally placed to serve customers throughout Europe. RHI Magnesita and Horn & Co. Group will also support the new company to tap into new markets to continuously develop new opportunities in the field of circular economy.
Long-term relationship of trust fuels innovation for the environment
Both partners have worked together for many years, with RHI Magnesita purchasing the majority of its secondary raw materials from Horn & Co Group. Thus, a close and trustful relationship has evolved over time - forming an ideal basis for a joint and sustainable future. By acquiring 51 percent of the shares of the Joint Venture, and contributing its own recycling operations in Austria, RHI Magnesita decided to enter into a long-term partnership with the Horn & Co. Group to shape the future of recycling and secondary raw material production together. The agreement is still subject to approval by the competition authorities and regulators.
"By joining our forces, we will be able to expand our range of services and solutions and give a significant push to circular economy solutions. With the Horn & Co. Group as a distinct expert in recycling, we can accelerate our offering of sustainable services and products to our customers in all industries. Now it's about bringing a proven business model to a larger scale and becoming the leading recycling platform in Europe and beyond" comments Borgas.
"As a trusted partner for many years, RHI Magnesita has all the necessary resources that a sustainability driver in this industry needs. RHI Magnesita and Horn & Co. Group complement each other excellently in their core competencies. Together, we can achieve even greater effectiveness and market stability for our recycling raw materials and resulting products. In this way, we want to develop new technologies together and offer the CERO-Waste concept to a wider range of customers - and thus shape the future of Europe's industry in a more sustainable way"Argjend Kameraj, CEO at the Horn & Co. Group, adds.
"Recycling is the future - especially in our industry. A closed material cycle is essential for sustainable business and the responsible use of valuable resources. The decision to create a joint recycling platform not only significantly advances our own company in this respect, but also sets an example that has an impact going far beyond," adds Sabrina Salmen, Senior Executive VP Recycling at RHI Magnesita.
About RHI Magnesita
RHI Magnesita is the global leader in high-value refractory products, systems and services essential for high-temperature industrial processes above 1,200 °C. We master heat for global industries to enable modern, sustainable living. With a vertically integrated value chain from raw materials to refractory products and performance-oriented total solutions, RHI Magnesita serves customers in nearly all countries worldwide with approximately 12,000 employees in 28 production plants and more than 70 sales locations. In order to expand in growing markets, RHI Magnesita aims to extend its leading position in terms of revenue, size, product portfolio as well as geographical presence.
The company's shares are listed with a premium listing on the London Stock Exchange and belong to the FTSE 250 Index, with a secondary listing on the Vienna Stock Exchange.
For more information, please visit: www.rhimagnesita.com
About Horn & Co. Group
Sophisticated solutions and extensive experience.
Realizing a closed material cycle together.
Horn & Co. Group operates in the fields of processing, disposal, control, analysis and sales. The company is a functioning network comprising four business units: "Industrial Services", "Minerals Recovery", "Products" and "Analytics". The Group aims to provide a closed material cycle and the best possible recycling of raw materials. Horn & Co. Group operates with clockwork precision; its individual divisions are closely interlinked, structured towards each other and coordinated down to the last detail. The successful, modern management system uses the technical expertise and existing synergies of this strong group of companies.
Horn & Co. Group - recycling experts since 1922.
For more information, please visit: http://www.horn-co.de
