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Ganz EEG upgrades machinery

Power

Ganz EEG, the Hungarian engineering unit of Russia's Rosatom, is spending EUR 3 million to upgrade its production machinery in 2020-2021 and another EUR 8m in 2022-2023, managing director Oleg Russkikh said, according to a report by state news wire MTI.

Ganz EEG, which makes high-performance pumps for nuclear power plants and turbines for hydroelectric plants, has EUR 130 mln of orders at present, but that amount is expected to reach EUR 200 mln by year-end, Russkikh said. Ganz EEG expects to get orders from a nuclear power plant that Egypt will start building next year as well as from the addition of two blocks at Hungary's Paks nuclear power plant, he added.

The company wants to make about 80 new hires, he said.

Ganz EEG had a loss of close to HUF 1 billion on revenue of HUF 2.4 bln in 2019, public records show.

Russkikh said the bottom line showed no improvement in 2020 because of the pandemic, adding that Rosatom's machinery manufacturing division Atomenergomash had lent the company EUR 20 mln to finance production in 2018-2020.

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