Carbide specialist CERATIZIT, headquartered in Luxembourg, announced Tuesday 8 September 2015 the acquisition of a majority share of Indian manufacturer Cobra Carbide India Pvt Ltd.
CERATIZIT, a family owned company established over 90 years ago, has developed into a global player in the hard metal industry in its manufacturing of highly specialised tungsten carbide cutting tools, inserts and rods.
After acquiring German manufacturer Klank GmbH & Co KG in June of this year, the company has now acquired 67% of Cobra Carbide India Pvt Ltd, a solid carbide tools manufacturing plant located in Bangalore a mere 500 metres from the Ceratizit plant.
"Cobra Carbide India Pvt Ltd gives CERATIZIT an exceptional opportunitiy to increase the Group's footprint in the solid carbide tools market in India," said Jacques Lanners, Co-Chairman of the CERATIZIT GROUP Executive Board, of the acquisition. "Indeed, CERATIZIT India Round Tool Solutions with Cobra will be in the top 5 solid carbide tools players."
Rakesh Aghi, President of Cobra Carbide India Pvt Ltd, added: "CERATIZIT has already strong roots in India and an important history of innovation and product quality. The agreement is a win-win for both companies".
Neither company disclosed the financial details of the acquisition.
Photo by CERATIZIT
