CUMI International Limited Cyprus, a wholly owned subsidiary of Carborundum Universal Ltd (CUMI) India, has entered into a binding agreement with RHI AG, Austria for the purchase of 100 per cent of the equity of RHI’s South African subsidiary, RHI Isithebe (Pty) Ltd. CUMI is part of $4.4 billion Murugappa Group.
The acquisition also includes the refractory manufacturing facilities of RHI Refractories Africa (Pty) Ltd, in South Africa. Isithebe is one of the largest Fused mineral manufacturing facilities in Africa and can deliver up to 30,000 tons of various fused minerals a year.
CUMI is one of the few companies globally that is not only involved in fused minerals and Refractories, but also have existing operations in South Africa, according to company's statement.
“The acquisition of the Isithebe operations by CUMI will ensure continuity of business, jobs for employees, and quality products for customers. CUMI would also introduce its own technologists to enhance the electromineral operations and to extend the ready-use-product range,” added in the statement.
CUMI is an integrated abrasives, electro-minerals, ceramics, refractory company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the USA.
The change in ownership is expected to continue providing benefits to TRI’s customers, employees and the local community. The deal will be formally concluded as soon as the necessary clearances are obtained and all conditions precedent are met.
The share purchase and investment into the company would be around $5 million, according to company's Managing Director K Srinivasan.
