M&A

M&A

Carborundum Universal to acquire US co. Silicon Carbide Products for $6.7 M

Press Release   Business Line  

Murugappa Group company Carborundum Universal (CUMI) is to acquire a 100 % stake in New York, USA-based Silicon Carbide Products, Inc (SCP) from its current equity shareholders. The deal values SCP at an enterprise value of USD 6.66 million (about INR 56 crore).CUMI plans to establish a wholly-owned subsidiary in the US, which will serve as the Special Purpose Vehicle (SPV) for this acquisition. The transaction is anticipated to be finalised by the end of October 2024.Located in Horseheads, NY, SCP specialises in the production of high-quality Nitride Bonded Silicon Carbide (NBSiC) products, which cater to various industries including power generation, mining, material handling/processing, non-ferrous molten metal transfer, and petrochemical refineries. SCP ended 2023 with sales of USD 4.2 million.