Carborundum Universal's step down subsidiary, CUMI GmbH, Germany has entered into an Asset Purchase Agreement with the Insolvency Administrator of M/s AWUKO ABRASIVES Wandmacher GmbH & Co. KG,
Germany (AWUKO) on 22 December 2021 for acquiring the main assets of AWUKO.
The asset purchase deal will be subject to completion of negotiations with the Works Council in connection with rightsizing of employees as well as agreements with the lessors/creditors of AWUKO. The estimated purchase price is Euro 6.01 million excluding the compensation cost to be agreed with the Works council and other costs, if any with the Insolvency Administrator.
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