Carborundum Universal acquires South African firmJuly 3rd, 2008 - 9:49 pm ICT by IANS
Chennai, July 3 (IANS) Abrasive manufacturer Carborundum Universal Ltd (Cumi) is acquiring 51 percent stake in the $16 million Foskor Zirconia Ltd, a South Africa-based zirconia and fumed silica maker. The acquisition agreement has been signed by the companies Thursday in South Africa.
The deal size is estimated to be around Rs.150 million ($3.5 million) and will be routed through Cumi International, a wholly-owned subsidiary of Cumi.
This is Cumi’s second major overseas acquisition in less than two years. In 2007, the Indian company acquired Volzhsky Abrasive Works of Russia for $37 million.