Carborundum Universal (CUMI) signed a share purchase agreement to acquire hundred percent ownership stake in Silicon Carbide Products, Inc. (SCP) based in the US. The transaction, valued at ₹56 crore, will see CUMI establish a wholly-owned subsidiary in the US to serve as the Special Purpose Vehicle (SPV) for the acquisition. The deal is anticipated to close by the end of October 2024.
Silicon Carbide Products, located in Horseheads, NY, is known for its high quality nitride bonded silicon carbide (NBSiC) ceramics, which offer exceptional wear and thermal shock resistance. SCP products cater to various industries, including power generation, mining, material handling and processing, non-ferrous molten metal transfer, and petrochemical refineries.
As reported by business-standard.com, SCP is recognized for its advanced firing and forming techniques, making it a reliable supplier to major industry leaders.
