Gouda Refractories Group welcomes Shinagawa Refractories as new shareholder

Gouda Refractories Group B.V. (hereafter “Gouda”), a Netherlands-based leading manufacturer of (high-)alumina refractories and provider of refractory services, welcomes Japan-based Shinagawa Refractories Co., Ltd (hereafter “Shinagawa”) as new shareholder. Gouda was part of the Andus Group and has been supported in its growth by private equity investor Gilde Equity Management (GEM) since 2021. Gouda has invested heavily in its organization, production capacity, innovation and R&D capabilities in recent years, resulting in successful growth. Together with Shinagawa, efforts will be made to further accelerate global growth.

Strategic rationale

Shinagawa Refractories, a leading global producer of refractory materials headquartered in Tokyo, will become the new owner of Gouda Refractories Group. With the acquisition of Gouda, Shinagawa is accelerating its global expansion, which is part of its Vision 2030 strategic plan. This focuses on, among other things, expanding its activities in Japan, accelerating its international growth and further deepening its sustainability initiatives.

Gouda produces shaped and unshaped refractories at two production sites in the Netherlands, and has service sites in the Netherlands, Belgium, Germany, and Sweden for installation and on-site operations. The production division provides white refractory solutions for the non-ferrous metals (aluminum, zinc and copper), petrochemical, energy and steel industries, while the service division provides solutions mainly for the petrochemical, energy industries and (secondary) aluminum.

In addition to providing Shinagawa with state-of-the-art manufacturing for premium white refractories and high-value service capabilities in Europe, the acquisition will also allow Shinagawa to benefit from Gouda’s well-established customer and distribution network in Europe, the Middle East and Africa, offering an attractive opportunity to further accelerate Shinagawa’s global expansion.

In the petrochemical sector, Gouda is one of the few manufacturers with all the major certifications with global petrochemical producers and technology providers, and therefore represents a perfect opportunity for Shinagawa to establish a strong position in this attractive market. In the petrochemical and energy sectors, Gouda is an important supplier of refractory materials that support the energy transition and other sustainability goals, including refractories for the waste-to-energy market and technologies to improve efficiency and reduce emissions at petrochemical and oil refining operations.

Gouda's product line-up and service capabilities for the petrochemical, energy, and non-ferrous metals industries are highly complementary and additive to Shinagawa's existing product line-up and customer base. The combination of these products and services with Shinagawa’s existing business will offer substantial synergy potential through the promotion of cross-selling and further geographic expansion through each firm’s sales network, and technical collaboration opportunities taking advantage of the combination of R&D capabilities, product portfolio and operational know-how.

In combination with Shinagawa, Gouda will be enabled to jointly expand its services network in North-West Europe and to jointly expand its offering of refractory linings to customers in the Middle East, South-East Asia and the Americas. Together with Shinagawa, Gouda will be able to serve its local customer base even better, and to ensure stability of supply of high- grade refractory materials for customers’ critical production equipment and installations.

The management of Gouda is excited about the new future together with Shinagawa. This transaction represents an important step forward for the company, its employees, and also the customers of Gouda.

About Gouda Refractories Group

Gouda Refractories Group, headquartered in Gouda, the Netherlands, is a leading global supplier high-quality white refractory solutions and provider of refractory installation and services in North-West Europe. Founded in 1901 and boasting over 120 years of history, Gouda is one of the few full suite white refractory product and service providers covering a variety of end-markets including non-ferrous metals (including aluminum), petrochemicals, waste-to-energy, iron & steel, cement and paper. Gouda’s manufacturing operations are carried out at two highly efficient state-of-the-art manufacturing facilities in the Netherlands. Products are sold to a global customer base across Europe, the Middle East, Asia Pacific, the Americas and Africa. Gouda’s services division operates via local subsidiaries in the Netherlands, Belgium, Germany and Sweden and provides services like installation, maintenance, dry-out activities, troubleshooting and problem solving, and training to customers all over Europe. Employing 236 full-time employees, Gouda benefits from a talented, experienced and knowledgeable management team and a highly skilled workforce, with an outstanding commitment and track-record for quality and safety. Gouda is part of the Andus Group, which has been supported by private equity investor Gilde Equity Management (GEM) since 2021.

About Shinagawa Refractories

Shinagawa Refractories, founded in Japan in 1875 and listed on the Tokyo Stock Exchange, is a leading manufacturer of refractory and insulation materials for industrial applications in the steel, cement and glass industries, among others. The company is known for its high-quality products that are resistant to extreme temperatures and chemical stress, and contributes to the optimization of production processes worldwide. Thanks to continuous innovation in material technology and a strong international presence, Shinagawa Refractories has been able to maintain its leading position in the sector.