Carborundum Universal's German arm enters into Asset Purchase Agreement to acquire assets of AWUKO

CUMI GmbH, Germany entered into APA. The purchase price agreed is 6.01 Mn Euros plus compensation to be agreed with Works Council.

December 23, 2021 3:45 IST | India Infoline News Service
Carborundum Universal
CUMI GmbH, Germany, a step down wholly-owned subsidiary of Carborundum Universal Limited, has entered into an Asset Purchase Agreement (APA) on December 22, 2021, in Germany to acquire the main assets including land & building, plant & machinery, fixed assets, leased assets, brands & trademark, patent, technical know-how, and other intangible assets but excluding cash and receivables of AWUKO Abrasives Wandmacher Gmbh & Co. KG (AWUKO) which is under insolvency proceedings from December 1, 2021.

The conclusion of the Purchase transaction contemplated by the APA is subject to closing conditions in terms of rightsizing of employees in negotiation with the Works Council, procurement of consents from creditors and lessors of AWUKO, release of charges on the real estate property and other securities provided etc, company said in a filing.

No shares are being acquired. The purchase price agreed is 6.01 Mn Euros plus compensation to be agreed with Works Council and other costs, if any to be agreed with the Insolvency Administrator.

Carborundum Universal Ltd ended at Rs925.90 per piece down by Rs2.8 or 0.3% from its previous closing of Rs928.70 per piece on the BSE.

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