Richmond Refractories was established in 1995 and was, up until the recent acquisition, a family run business. Minelco has been a customer of Richmond for many years due to their expertise and equipment in the recovery and reclamation of refractory bricks. In recent years, Minelco and Richmond have developed a strong partnership for the recovery and recycling of material; Richmond handling the reclamation, screening and sorting of material; Minelco handling the processing and selling of the recycled raw materials.
The decision was taken to acquire Richmond in order to strengthen both companies presence in the recycled refractories market in the UK and assist in establishing sales in other markets. Other factors influencing the decision include the increased demand for recycled refractory materials because of rising raw material prices from Europe and China, along with the environmental pressures on European businesses.
Minelco’s portfolio includes a range of products derived from alumina and basic bricks which offers real cost effective alternatives to virgin minerals. This acquisition will further increase potential for the handling and storage of such materials.
Stan Franey, Business Area Manager for Refractory and Foundry products at Minelco commented; ‘We see this acquisition as a key milestone on the road towards our strategic objectives for recycling. Richmond is the natural fit.’
Mark Connor, Co-Founder and Managing Director of Richmond; and General Manager for the Richmond business going forward says : ‘This acquisition will help to ensure the development and longevity of our business. I very much look forward to increasing our recycled portfolio through Minelco’s expertise, presence and contacts.’
Pictured: Richmond and Minelco management on the day of the final contract signing.