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.