RHI to Sell U.S. Plants Due to Asbestos Claims
January 22, 2002
RHI recently announced it plans to sell all of its U.S. refractory plants due to the soaring number of asbestos-related claims faced by its U.S. subsidiaries. The company also said that it expected a full-year net loss in 2001 of around 870 million euros ($776.8 million) after a profit of 30.8 million euros in 2000. RHI said it would stop funding the restructuring of its U.S. divisions and put all companies that belong to its RHI Refactories Holding Co. up for sale in order to limit the Austrian parent company's exposure to the asbestos claims. The firm plans to sell not only its NARCO unit but also the GIT group, which includes Harbison-Walker and A.P. Green.