Carborundum Universal enters into Business Purchase Agreement with IVP

Carborundum Universal Ltd (CUMI) has entered into a Business Purchase Agreement with IVP Ltd to acquire their Industrial Ceramics Division, as a going concern, subject to fulfillment of statutory and other formalities. The deal is expected to be concluded shortly.

The Ceramics Division of IVP Ltd., located at Aurangabad manufactures a range of High Alumina Engineered Ceramic products like Ignitors, seals, thread guides, nozzles etc with technology from Feldmuhle Germany. The plant has the capacity to produce about Rs 12 crores of the above products.

CUMI is today the largest High Alumina Ceramic manufacturing Company in India. CUMI would bring to this business its market access, scale of operations and management. This will benefit the IVP-Ceramics customers and employees.

The addition of the IVP Ceramic products to the CUMI portfolio will enhance its product offerings in this space and make it more attractive to both the domestic and international customers.

The stock closed the day at Rs.175.90, down by Rs.1.55 or 0.87%. The stock hit an intraday high of Rs.176.50 and low of Rs.173.20. The total traded quantity was 11795 compared to 2 week average of 20533.

Source : Equity Bulls

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