Carborundum Universal Ltd.

Carborundum Universal (CUMI) has entered into a Purchase Agreement with M/s. Silicon Carbide Products Inc. (SCP Inc), Mr. Joshua J. Dahlman and Mr. Rick L Cleveland (the existing ‘Equity holders’ of SCP Inc) for acquiring 100% membership interest in SCP Inc through a Type-F reorganisation as provided under the US Internal Revenue Code (IRC) section 368(a)(1)(F). For the purposes of this acquisition, the Company would be incorporating a wholly owned subsidiary in USA which will be the SPV for the acquisition.

The completion of the acquisition is subject to meeting the closing conditions as per the terms of the Share Purchase Agreement. As a part of the Ceramics Business, CUMI -- the Company has been operating in the Refractories and Industrial Ceramics manufacturing space for over 5 decades. The products of CUMI and SCP will complement and significantly aid expansion of market share, geographical footprint beyond the Americas. The acquisition of SCP aligns with the strategic expansion plans of the Company.

Potential value is expected to be unlocked by utilizing the capabilities that reside across SCP and CUMI through technology co-operation between them and can deploy learnings, especially on process, forming, tooling, and application knowledge.

Carborundum Universal manufactures and sells mainly Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electrominerals.