Cumi acquires Rhodius, to enhance technology and geographical access

On Thursday, Carborundum Universal shares closed 1.50% lower at ₹866.70 on NSE.

1 min read . Updated: 03 Feb 2022, 10:19 PM IST Livemint

The transaction is expected to be completed by the end of March 2022, Carborundum Universal said in a statement

Listen to this article

Cumi Abrasives 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 for ₹55 million Euros ( ₹464 cr), according to an exchange filing.

The transaction is expected to be completed by the end of March 2022.

“Rhodius has over seven decades of experience manufacturing high-performance grinding and cutting consumables for machining of metal and stones. RHODIUS brings in a vast and innovative product line up with various patented benefits that create unique selling opportunities," said N Ananthaseshan, Managing Director of Cumi.

"Rhodius is a strong proprietary brand with great reputation and has long-standing dealer relationships across EMEA and USA. More than 70% of its revenue is generated through exports to over 100 countries. We believe that the expertise and portfolio of Cumi and Rhodius complement each other well and the acquisition will significantly aid CUMI in global market expansion. We are delighted to be working with the Rhodius team to fulfil our global plans," he added.

MINT PREMIUM See All

Investec was the exclusive financial advisor to Cumi and CapitalMind represented Rhodius on the transaction

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!