Saint-Gobain has sold its refractory businesses in Brazil and the U.S. to Shinagawa


Saint-Gobain’s divested businesses hold leading market positions in refractory ceramics for the iron and steel industry in Brazil and in wear-resistant ceramics for the industrial applications industry in the U.S. The businesses have a combined €70 million in sales for fiscal year 2021.

The Deal

Saint-Gobain has agreed to sell its Brazilian refractories business and its wear-resistant ceramics business in the United States to Shinagawa Refractories Corporation. Through these divestments, Saint-Gobain intends to focus its high-performance solutions activities on its largest and fastest-growing markets worldwide, where it holds a leading position due to its innovation capabilities, allowing it to accelerate its customers’ efforts towards carbon neutrality and circularity. This transaction, when completed, would be the largest acquisition made by Shinagawa to date, representing a natural extension of the long-standing collaboration between Shinagawa and Saint-Gobain in Brazil, whereby Shinagawa has been supplying technology for the manufacture of iron and steel refractory products.

Our Perspective

Guillaume Suizdak, Managing Director in Lincoln’s Paris office, commented, “Lincoln International acted as the exclusive financial advisor of Saint-Gobain, supporting Saint-Gobain in all aspects of the transaction. Leveraging on its unique international setup and key carve-out experience, Lincoln created the optimum conditions to complete this complex cross-border transaction.”

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