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Huber Signs Agreement to Acquire Remaining Stake in MAGNIFIN Joint Venture

ATLANTA, May 05, 2021 (GLOBE NEWSWIRE) — On May 4, J.M. Huber Corporation ("Huber") signed a definitive agreement with RHI Magnesita ("RHIM") to acquire their 50% ownership stake in the companies' 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG ("MAGNIFIN"). This transaction is expected to close in the second half of 2021, pending regulatory approvals.

Huber originally acquired its 50% ownership interest in MAGNIFIN as part of the purchase of the Martinswerk operation from Albemarle in 2016. Located in Bergheim, Germany, Martinswerk became part of the Huber Engineered Materials (HEM) Fire Retardant Additives (FRA) strategic business unit (SBU), which produces a wide range of halogen–free products for flame retardant and smoke suppression applications and aluminum oxides.

Based in Breitenau, Austria, MAGNIFIN has been producing and selling premium magnesium hydroxide (MDH) products since 1991. MAGNIFIN coated and uncoated magnesium hydroxides are environment friendly, non–halogenated flame retardants used in a wide range of polymer applications, especially thermoplastic materials and elastomers requiring high processing temperatures in excess of 300 C. Typical flame retardant applications include energy and LAN (local area network) data cables, automotive wire and cable, engineering thermoplastics (e.g. connectors) and construction foils.

"This transition is a strong strategic fit with HEM's mission to own and operate specialty chemical and mineral companies with market leading positions," says Dan Krawczyk, President of Huber Engineered Materials.

"This step forward demonstrates our commitment towards our customers to support their growth and our clear strategy to grow our halogen–free fire retardant business globally," adds Victor Dean, General Manager of HEM's FRA Business.

About Huber Engineered Materials
Huber Engineered Materials (HEM), headquartered in Atlanta, Georgia (US), is a global leader in the production of fine precipitated alumina trihydrate and magnesium hydroxide, both non–halogenated fire retardants. Its FRA business unit has four manufacturing sites in North America and two in Europe, one of which is the MAGNIFIN plant.

HEM has been a trusted supplier of halogen–free fire retardants and smoke suppressants for almost 40 years, manufacturing a large portfolio of value–added Hydral , Hymod , Martinal and Micral alumina trihydrates; MAGNIFIN , Vertex and Zerogen magnesium hydroxides; and Kemgard molybdate compounds for a variety of end–use applications, including reinforced polyester molding and pultrusion, engineering thermoplastics, roofing, silicone rubber, wire and cable, coatings and carpet backing. In addition, Huber produces Martoxid calcined aluminum oxides, Compalox specialty oxides and Pergopak carriers and matting agents.

HEM is focused on engineered specialty chemical and minerals that enhance the performance, appeal and processing of a broad range of products used in industrial, agricultural and consumer applications and also has a portfolio of high value agricultural nutrients and adjuvants and industrial, food and USP grade calcium carbonate products. For more information, visit www.hubermaterials.com.

About J.M. Huber Corporation
J.M. Huber Corporation, headquartered in Atlanta, Georgia (US), operates a diverse portfolio of companies: CP Kelco, Huber Engineered Materials, Huber Engineered Woods and Huber Resources Corp. With locations around the world, our businesses create products used in a broad range of applications including personal care, food and beverage, agricultural nutrients and adjuvants, building materials, flame retardants and smoke suppressants, as well as sustainable forestry services. Founded in 1883, Huber is one of the largest family–owned companies based in the US. For more information, visit www.huber.com.

MEDIA CONTACT:
Lea Volpe
Director, Corporate Communications
J.M. Huber Corporation
678.247.7128 phone
lea.volpe@huber.com


GLOBENEWSWIRE (Distribution ID 8230260)

Madison Realty Capital Originates $395 Million Loan for Portfolio of Three Multifamily Projects in Bayonne, Raritan and Linden, NJ and Eight-Acre Land Key to Downtown Newark’s Revitalization

NEW YORK, May 05, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $395 million loan to Accurate Builders & Developers for a portfolio of assets that includes three nearly–complete multifamily properties located in Bayonne, Raritan and Linden, NJ that includes 1,161 units nearing completion and an eight–acre development located at the site of the Former Bears Stadium in Newark, NJ, that includes plans to develop 4,200 residential units.

"This transaction reflects Madison Realty Capital's ability to provide a complex, hybrid financing solution to a high–quality borrower across price points and all stages of the project lifecycle, from land acquisition, ground up development and leasing," said Josh Zegen, Managing Principal and Co–Founder of Madison Realty Capital. "We are thrilled to expand our relationship with Jack Klugmann of Accurate Builders & Developers and to work with the Town of Newark on this exciting, once–in–a–generation project that benefits the economic revitalization of downtown and will bring much needed high quality housing options to Newark's hard–working residents. Bayonne, Raritan and Linden are attractive, transit–oriented locations with growing demand for high–quality rental housing options."

Details of the portfolio of three multifamily projects near completion, are as follows:

  • The four–story Raritan multifamily building offers 276 studio, one– and two–bedroom units, 20 of which are affordable units, and luxury amenities, such as fitness centers, courtyards, BBQ and a parking garage. Leasing for this property is already underway.
  • In Linden, the four–story rental property will offer 234 studio, one– and two–bedroom units with access to top–tier amenities including courtyards, pool, fitness centers, roof deck and children's playroom. Leasing for this property is expected to begin over the summer.
  • The Bayonne property consists of two, five–story multifamily properties with a mix of 651 studio, one–, and two–bedroom units and will offer top–tier amenities including a roof deck, concierge, pet center, spa facility, rooftop pool, fitness center and outdoor terraces. Leasing is for the buildings is expected to occur at the end of 2021 and the first quarter of 2022, respectively.

The eight–acre Newark project site includes plans to develop 4,200 residential units as part of a master–planned community to be built in nine phases that enables the borrower to develop the assets over time and monetize the assets individually in partnership with the City of Newark. The ground up development project will include 200 affordable units, up to 3,000 parking spaces; at least 100,000 square feet of hospitality/destination retail, co–working space for small business, entrepreneurs, and freelancers; and publicly accessible green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for this transaction.

About Madison Realty Capital

Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $14 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer's prestigious "Power 100" list of New York City real estate players and is consistently cited as one of the industry's top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.


GLOBENEWSWIRE (Distribution ID 8230116)