Carborundum acquires AEI

Carborundum Universal has acquired Canada-based Abrasive Enterprise Inc for $ 2.25 million.

Carborundum Universal Ltd said on Tuesday that it has acquired Canada-based Abrasive Enterprise Inc (AEI) for $2.25 million.

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The acquisition of the Canadian company was completed through a wholly-owned subsidiary, CUMI Canada Inc, Carborundum informed the Bombay Stock Exchange.

With this acquisition, CUMI will be able to exploit the North American markets with its range of bonded and coated abrasive products, it said.

AEI, a manufacturer and converter of coated abrasives and other products, exporting to North American markets, has a turnover of $6 million.