Renova Group to purchase full stake in Yekaterinburg plant
Renova already owns 71.294 percent of the plant and has offered to buy the remaining securities for about $27 apiece. The company has 70 days to respond to the current offer, according to URBC.ru.
The offer comes amid recently released growth data from 2011. According to the company's profit and loss statement, profit margins doubled last year to more than $47 million. In 2010, the company showed profits of $24 million.
"This result in many ways affected the favorable developments on the markets of precious metals, as well as increased sales of products in strategic areas," General Director Denis A. Borovkov said, according to Ez-Ocm.ru.
The Yekaterinburg plant was first founded in 1916 for the refining of Urals slime platinum, marking the beginning of industrial platinum production in Russia. The plant was expanded in the 1970s to accommodate the manufacturing of consumer goods, and again in the early 1990s when the plant began producing high-quality gold and platinum jewelry.
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