Announcement/Press Release

IMERYS  has signed a definitive agreement to acquire Ace Refractories (Ace), from ICICI Ventures

Dated:-- 02-August-2007                                     

 Place:-- NAGPUR

Imerys through its wholly-owned subsidiary, Calderys, is the worldwide leader in monolithic refractories and has been present in India since 2002 with a sales agency.

 By combining Calderys technological expertise with ACE’s excellent sales base and industrial assets, the group is best positioned to gain from the expected high growth in the Indian monolithic refractories market and continue to offer leading solutions to its Indian customers

In the Middle-East and Asia regions, the combination of ACE’s product lines and its skilled technical & installation workforce with Calderys sales network increases the capability of the group to seize new opportunities in turn-key projects and to better serve customers.

 With ACE Refractories, Calderys is strengthening its geographic coverage in fast-growing areas and consolidates its position as the world leader in monolithic refractories.

 The transaction should be completed by August end.