Murugappa Group firm to acquire abrasives player Awuko's German assets

CUMI will get land, building, plant and machinery, fixed assets, leased assets, brands and trademarks with the deal.

The German arm of Murugappa Group firm Carborundum Universal (CUMI) has entered into an asset purchase agreement to acquire the assets of Awuko, a major player in abrasives, for Euro 6.01 million.

The deal signed on Wednesday lets CUMI acquire land, building, plant and machinery, fixed assets, leased assets, brands and trademarks, patents, technical knowhow and other intangible assets of the company. It excludes cash and receivables. The insolvency proceedings in Awuko had commenced recently and CUMI has been selected as the successful bidder in a competitive bidding process for the assets.

The asset purchase deal will be subject to