IFGL Refractories’ 100%
subsidiary acquires two US cos
Kolkata, September 13, 2010: IFGL Inc, USA- the 100 per cent owned US subsidiary of IFGL Refractories Ltd (IFGL)- has acquired 100% Interest of EI Ceramics LLC and CUSC International Ltd both based in Cincinnati (Ohio – USA), as going concerns, free of long term debts. These transactions were consummated on Friday, 10th September, 2010 in Cincinnati, Ohio, USA.
EIC designs, manufactures and supplies Alumina Graphite Continuous Casting Refractories to several major steelmakers in North America. Customer service, short reaction times and applications support of their customers is key to their philosophy. CUSC is engaged in providing ancillary services including processing of raw materials, warehousing, packaging, and others to EIC.
With these acquisitions IFGL Refractories Group, has secured a business model and team which will provide the opportunity to grow its customer base in USA, from its Indian manufacturing facilities and particularly the new plant being built in Kandla Special Economic Zone (in Gujarat – India). Existing customers of IFGL in USA, Canada and Mexico will have access to EI Ceramics high performance products, just in time approach to supply and experienced applications engineers which will lead to greater satisfaction for its customers.
IFGL Refractories Group now has operating facilities in India, China, Brazil, UK, US, Germany, Czech Republic and product range wide and varied. One key objective in this acquisition is to strengthen company operations in the Americas. Significantly, EIC’s operating capacity can be ramped up easily. Moreover, CUSC is owner of about 2.74 acres of land with warehouse built thereon, Day to day operations of EIC and CUSC will continue to be looked after by their current teams. Jim McIntosh will continue as President, who has experience of technical, marketing and commercial aspects of the industry.
The Acquisitions of EIC and CUSC are going to play a pivotal role in IFGL’s expansion plans and all their employees will now come under the IFGL Refractories Group.
No comments:
Post a Comment