Ace Refractory buys the Belgian Engineering Refractaris

Refractaris ends building works at NOORo III Plant
6 May 2018

The company, based in Montemayor (Cordoba) and with a sales forecast of 7 million by 2018, accesses the market as a supplier of turnkey projects. 

ACE Refractory, a company that works in the design, manufacturing and installation of high thermal performance industrial coatings, has acquired the Belgian engineering Refractaris. With this deal, the firm aims not only to increase its business volume thanks to the expansion of its services, but also to establish its presence in some global markets such as CSP or Oil&Gas and to access a larger number of clients. 

After this purchase, the amount of which has not been public, the company with headquarters in the Cordoba town of Montemayor, expects to close this year with a turnover of 7 million euros, which would represent a growth of nearly 75% of its sales volume, which in 2017 exceeded slightly four million euros. With signed contracts, by the end of June they will have already exceeded 50% of their forecasts. These figures confirm its path of growth, which began in 2016 with a 30% increase in sales.

Ace Refractory has its core activity in the installation, manufacturing and maintenance of industrial equipment subjected to high temperatures as a result of combustion processes, which sometimes exceed 1,000 degrees centigrade. Currently it has a staff of 30 people, with peaks of up to 85 workers according to ongoing projects. 

The purchase of Refractaris comes after five years of relationship as partners, especially in projects for the solar thermal power plants market. The evolution of the market itself towards projects that demand the coverage of the entire process, from the design of the engineering to the final installation of the equipment and its maintenance -turnkey contracts- has culminated with the acquisition “in a natural way”, explains Antonio María Pino, CEO of Ace Refractory. “It allows us to offer our own EPC services (Engineering, Procurement and Construction) anywhere around the world.” 

“We have a long history in coating systems and the engineering of Refractaris comes to reinforce our line of research towards new products in content security policy, Oil & Gas, biomass or passive fire protection. Innovation is a fundamental pillar in our company and we have always supported research into new solutions for the needs of the industry.” With the purchase of the Belgian company, Ace Refractory will resize its activity on three levels: research, solutions and new services. 

The Cordoba firm also has a high level of internationalization that came hand in hand, as in other sectors, from the standstill caused by the crisis experienced since 2008. It has participated in joint ventures that develop projects in Johannesburg, Santiago de Chile, Casablanca, and Constance. 

Some of the most outstanding projects in which Ace Refractory has participated are the Nooro III plant (Morocco), KHI Solar One (South Africa), Ashalim Solar (Israel) or Sundrop Farms (Australia).

Published in Expansion on 22nd of May, 2018 (