Federal Antimonopoly Service approves of Uralmash Machine-Building Corporation

Federal Antimonopoly Service accepted the application of Metalloinvest Management Company and United Machine Building Works (aka OMZ (Obedinennye Mashinostroitelnye Zavody, formerly United Heavy Machinery)) regarding the request to set up Uralmash Machine-Building Corporation. The Service also accepted their petition about providing the new company’s authorized capital through shares of ORMETO YUMZ and Uralmashzavod. This large corporation will unite UZTM (Ural Heavy Machine Building Plant), Uralmash-SpetsStal Ltd., OMZ DRO, OMZ Crane Ltd., and ORMETO-YUMZ Heavy Engineering Joint Stock Co., with both Metalloinvest and OMZ possessing 50% of the company’s shares.

Uralmash Machine-Building Corporation is to be registered in the nearest future; the Board of Directors will include Metalloinvest’s GD Maxim Gubiev, Managing Director Nazim Efendiev, and Director for Legal Issues Sergey Shuvalov as well as OMZ GD Evgeniy Sergeev, first deputy GD Vladimir Schedrov, and Member of the Board Sergey Grischenko. Nazim Efendiev is to become the company’s GD.

‘Our sales are expected to reach 40% of the Russian market, making the new corporation the ultimate leader in terms of equipment upgrading services, technical maintenance, and metallurgical equipment production. We are also hoping to compete on the markets of the NIS and in Asia,’ OMZ press officer reports.

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