Uralmashzavod to buy new businesses in 2008

Uralmashzavod’s General Director Nazim Efendiev announced at a press conference that the enterprise was planning to expand its production through acquiring a number of other businesses. Buying Uralmash – Metallurgical Equipment from Severstal might become the first step in a series of such acquisitions. Analysts believe this transaction would be mutually beneficial, since Severstal could do away with a non-core asset, whereas Uralmash would be able to improve on the quality of equipment it makes for the ore mining and metallurgical industries through the new addition.

‘When we talk of uniting Uralmashzavod, what we have in mind is not the plant we used to have about fifty years ago, but rather a very powerful company that will comprise a number of various components, including some metallurgical and engineering branches,’ Mr. Efendiev said.

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