Chennai, 19 June 2012: CUMI International Limited Cyprus, a wholly owned subsidiary of Carborundum Universal Ltd (CUMI) India, a part of the USD 4.4 billion Murugappa Group, has entered into a Binding agreement with RHI AG, Austria for the purchase of 100% 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.
Isithebe is one of the largest Fused mineral manufacturing facilities in Africa and can deliver up to 30,000 tons of various fused minerals a year.
CUMI is one of the few companies globally that is not only involved in fused minerals and Refractories, but also have existing operations in South Africa.
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 electromineral operations and to extend the ready-use-product range.
CUMI is a fully vertically integrated Abrasives, Electro-minerals, Ceramics, Refractory Company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the USA. CUMI brings to the Isithebe business, along with capital and technologists, its brands, market access, application engineering expertise and global management practices. This will enable the Isithebe Plant – to be renamed as Thugela Refractories, Isithebe (TRI) - to grow its Electromineral and Refractory business.
The change in ownership is expected to continue providing benefits to TRI’s customers, employees and the local community. The deal will be formally concluded as soon as the necessary clearances are obtained and all Conditions Precedent are met.
About the Murugappa Group
Founded in 1900, the Rs. 22314 Crores (USD 4.4 billion) Murugappa Group is one of India's leading business conglomerates. The Group has 28 businesses including eight listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.