CUMI to acquire FZL
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ASIANAGE
By OUR CORRESPONDENT
Chennai
July 4: The Carborundum Universal Ltd (CUMI) has entered into an agreement with Foskor Ltd, South Africa, to acquire 51 per cent equity stake in Foskor Zirconia Ltd (FZL).
FZL is the third largest producer of Zirconia in the world with a 4,200 tonne per annum installed capacity for Zirconia.
The company believes that the investment would be a good platform for CUMI to address the growing minerals business. The sales of FZL in 2007-08 were $16 million. Foskor was seeking a strategic partner to take FZL to its next phase of expansion and growth.
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