CUMI acquires Russian Company for USD 37 million

Mumbai, Sep 7 (UNI) Carborundum Universal (CUMI), a flagship of the USD 2 billion Murugappa Group today acquired Volzhsky Abrasive Works (VAW) for USD 37 million through its wholly owned Cyprus-based subsidiary, CUMI International.

VAW, based in the Volgograd region of Russia is a leading producer of SiC grains, bonded abrasive products and refractories with sales turnover during the last fiscal in the region of USD 54 million, a company release said here today.

The synergy between the two organisations is expected to enhance value and growth as CUMI is one amongst the two fully vertically integrated players in the world, added the release.

UNI