CUMI to buy South African arm of RHI
20th Jun. 2012
CUMI International Ltd., Cyprus, a wholly-owned subsidiary of Carborundum Universal Ltd. (CUMI), a part of the $ 4.4- billion Murugappa Group, 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., including the refractory manufacturing facilities of RHI Refractories Africa (Pty) Ltd. in South Africa.
According to a company release, 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 electro-mineral operations and to extend the ready-to-use-product range.
Isithebe is one of the largest fused mineral manufacturing facilities in Africa and can deliver up to 30,000 tonnes of various fused minerals a year.
According to sources, the current turnover (2011) of Isithebe is around Rs.120 crore. The deal, sources said, would be finalised within four weeks.
CUMI is one of the few companies globally that is involved in fused minerals and refractories. It also has existing operations in South Africa.
CUMI is a fully vertically-integrated abrasives, electro-minerals, ceramics, refractory company with operations in Australia, Canada, China, India, the Middle East, Russia, South Africa, Thailand and the U.S.
The acquisition will enable the Isithebe plant, to be renamed Thugela Refractories, Isithebe, to grow its electromineral and refractory business.The deal, however, would be subject to necessary clearances from appropriate authorities, the release added.
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