IFGL Inc, USA, a 100 per cent subsidiary of IFGL Refractories, has acquired 100 per cent interest in Ohio-based EI Ceramics (EIC) LLC and CUSC International Ltd (CUSC).
The transactions consummated on September 10, and the companies were free of long term debts. “The cost of acquisition is $13 million,” IFGL managing director, Pradeep Bajoria, said.
EIC designs, manufactures and supplies alumina graphite continuous casting refractories to several major steelmakers in North America while CUSC is engaged in providing ancillary services including processing of raw materials, warehousing, packaging, to EIC.
With the acquisitions, the IFGL Refractories group, hopes to grow its customer base in USA. Existing customers of IFGL in USA, Canada and Mexico will have access to EIC’s products and just-in-time supply.
