Rhi Bolsters Refractories With Heraklith Sale

In a move to further strengthen its leading position in the global refractories market, RHI AG of Austria has decided to divest Heraklith AG, its insulation division. RHI initiated the sale of its insulating division on 20 September. RHI stated that an IPO, the alternative option to the further strategic development of the division, would not be pursued any further owing tot he high number of potential buyers worldwide that have shown "serious interest". RHI was expected to draw up a short list of prospective buyers during Oct-Nov to perform a comprehensive due diligence analysis. Completion of the transaction is scheduled for the first quarter of 2006, following the preparation of Heraklith's financial statements 2005.