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Carborundum Universal acquires full stake in US-based Silicon Carbide Products
Industry News- Sep 17,24
The transaction is expected to close by the end of October 2024.
Carborundum Universal (CUMI), a Murugappa Group company, has entered into a binding Share Purchase Agreement to acquire 100% of Silicon Carbide Products, Inc. (SCP) in the United States. The deal, valued at approximately $6.66 million, will see CUMI establish a wholly-owned subsidiary in the US to facilitate this acquisition.
The transaction is expected to close by the end of October 2024. SCP, which concluded 2023 with sales of $4.2 million and a robust profit profile, is recognised for its advanced nitriding furnace design and tooling capabilities. CUMI plans to leverage SCP’s expertise to enhance thermal applications in India’s power, steel, and mining sectors.
Additionally, CUMI aims to utilise SCP’s established customer network in the Americas to expand its reach in industries such as glass, super alloys, petrochemicals, non-ferrous metals, and heat treatment. The acquisition is also expected to create synergies through the supply of raw materials and collaborative development of new products and technologies, significantly bolstering CUMI’s global market presence.
SCP, located in Horseheads, NY, specialises in high-quality Nitride Bonded Silicon Carbide (NBSiC) products used in various sectors including power generation and petrochemical refineries. SCP’s leadership expressed enthusiasm about the expanded business opportunities and product portfolio resulting from this partnership with CUMI.
(Businessline)
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