RHI and Carinthia-based PI Management- und Beteiligungs GmbH signed a contract on May 9, 2003 to sell Villas Austria GmbH, Fürnitz/Austria. The company produces high-grade waterproofing systems under the Villas brand for all kind of buildings. Villas is market leader in Austria and has a strong position in Middle-/East-Europe, too.
For Villas and the location Fürnitz/Carinthia, the change in ownership opens up good perspectives, as the designated Villas management is involved in the board of management of the buyer, too. Villas at present employs 133 people, sales revenues of the activities for sale now amounted to EUR 36 million in the year 2002.
Financing of the transaction is ensured by Hypo-Alpe-Adria Bank AG.
Following the sale of the Engineering division last year and by selling Villas, RHI can widely finalize the restructuring of the group on the core business refractories (RHI Refractories) and the insulating division (Heraklith AG)
The enforcement of the contracts for selling Villas is subject to implied conditions and the approval of the competent authorities.