Financial Daily from THE HINDU group of publications
Wednesday, Feb 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 22, 2006 |
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Corporate
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Mergers & Acquisitions Carborundum Universal acquires Canadian firm Our Bureau
Chennai , Feb. 21 CARBORUNDUM Universal Ltd has informed the stock exchanges that it had acquired Abrasive Enterprises Inc(AEI), a closely held company at Summerside, Prince Edward Island, Canada. The acquisition was completed through a 100 per cent subsidiary, CUMI Canada Inc, for an aggregate investment of CAD$2.25 million. AEI, a manufacturer, convertor of coated abrasives and other abrasive products, exporting to North American markets, has a turnover of CAD$6 million. It is the third largest player in the North American floor sanding market, employing 35 people and growing at over 20 per cent in the last three years. "With this acquisition, CUMI is strategically well placed to exploit the large North American market with its range of bonded and coated abrasive products," the stock market notification says. Mr M.M. Murugappan, Chairman, Carborundum Universal, told Business Line today that the essential gains to the company from the acquisition would be in terms of distribution and people. It will also give Carborundum Universal access to customers in North America, he said.
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