Chennai
CUMI Abrasives GmbH, Germany, a step-down wholly-owned subsidiary of Carborundum Universal Ltd (CUMI) has entered into a binding share purchase agreement to buy 100% stake in Rhodius Abrasives, Germany on Tuesday at an enterprise value of 55 million Euros (about Rs 464 cr).
The transaction is expected to be completed by the end of March 2022.
N Ananthaseshan, MD, CUMI said, “Rhodius has over seven decades of experience manufacturing high-performance grinding and cutting consumables for machining of metal and stones. We believe the expertise and portfolio of CUMI and Rhodius complement each other well and the acquisition will significantly aid CUMI in global market expansion.”
Investec was the exclusive financial advisor to CUMI and CapitalMind for Rhodius on the transaction.
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