Monday, August 21, 2017

CJSC Renova Group acquires portion of metals processing plant

The CJSC Renova Group recently announced the acquirement on Thursday of 71.29 percent of the OJSC Yekaterinburg Non-ferrous Metals Processing Plant.

The Yekaterinburg plant provides consumers with a range of processing, refining and manufacturing services, developing various precious metals products. The plant produces 256 alloys, 170 types and 100,000 standard sizes of technical items, AK&M reports.

The plant partners with 1,200 large enterprises in Russia and throughout the world. The company has an authorized capital of $14,000 and is represented by 1,658,268 common shares at a value of 0.25 rubles each.

Renova Group is a private Russian business group that owns and manages assets in the oil, mining, chemical, building and construction, metallurgical, power energy, hi-tech mechanical engineering, telecommunications, housing and communal services, and finance industries in Russia and abroad. These countries include Switzerland, the United States and the CIS. The largest assets the group holds are shares in KES, UC RUSAL, TNK-BP and the Swiss technological companies Sulzer and OC Oerlikon.

According to DataCapital, the net profit of the Yekaterinburg plant rose three-fold to $55.5 million from $16.6 million from year-to-year during the first half of 2011. Revenue also increased from $35.2 million in the first half of 2010 to $66.6 million in the first half of 2011.