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

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)