 "Wendt acquires diamond tool business of Star Diamond")
Wendt India Ltd, a joint venture between Wendt GmbH and Carborundum Universal Ltd (a Murugappa Group Company), has entered into agreement with Star Diamond Tools Private Limited to acquire its diamond dresser tool business on slump sale basis. The acquisition is expected to enhance Wendt’s offerings in the field of stationery dressers.
“This acquisition of Star’s diamond tools business is expected to strengthen Wendt India’s presence in stationery dressing tool business and would help in enhancing the product basket. Star is a well-known brand for diamond dressers like single point, chisels, blades etc,” said Wendt India in a press release.
The transaction is expected to be closed in the fourth quarter of the financial year 2015-16.
Star Diamond Tools, promoted by Girish Zaveri, is a closely held company having its manufacturing facility in Deonar, Mumbai. The company is a leader in its field in India and exports its products to the US and Europe.
Wendt India is a manufacturer of super abrasive grinding wheels (diamond and cubic boron nitride), special purpose grinding machines and tools and precision components. It offers products and services for grinding and machining hard-to-process material. These products find applications in industries like automobile, cutting tools, engineering, bearing, steel, refractory, ceramic, glass, textile etc.
