Russia’s Atomenergomash to buy 100% in Czech Arako by yearend

Deals

Atomenergomash, a Russian supplier of equipment for nuclear power plants, said on Wednesday it intends to increase its stake in Czech company Arako to 100% by the end of the year.

Atomenergomash bought a 51% stake in Arako, a leading manufacturer of industrial valves, in October. The purchase agreement was signed in Prague by Zdenek Mitas and Andrei Sleptsov, general directors of Arako and Intelenergomash, a subsidiary of Atomenergomash, which paid 7.5 million euros ($11 million) from its own funds. „By the end of the year, Atomenergomash plans to bring up Intelenergomash’s ownership stake in Arako to 100%” Atomenergomash General Director Kirill Komarov said, adding that the Russian company had plans to continue acquiring engineering assets in Central Europe in 2008. Atomenergomash is a subsidiary of the state-owned TVEL Corporation, a leading producer of nuclear fuel. (rian.ru)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry