J.M. Huber Corporation signed a sale and purchase agreement to acquire a 50% stake in MAGNIFIN Magnesiaprodukte GmbH & Co KG from RHI Magnesita N.V. (LSE:RHIM) for €100 million on May 5, 2021. In the year ended December 31, 2020, Group's share of profit before tax from the MAGNIFIN Magnesiaprodukte joint venture was €7.3 million. The transaction is conditional upon approval by Foreign Investment Control in Austria.

The transaction is expected to close in the second half 2021.