Group DF acquires 32.7% stake in Italian titanium alloy producer via its affiliated company
Smartora Trading Ltd, affiliated with the Group DF group of companies, has acquired a 32.68% stake in Tifast S.r.l., an Italian titanium and other alloy production company, Group DF's press service reported on Monday.
"The plant in Europe will allow Ukraine to enter the European titanium market, to get closer to customers, and first and foremost to the European aerospace industry. Ukraine must develop its resources, enhance its raw material processing capacity and manufacture, jointly with advanced European enterprises, higher added value products," the press service quoted Group DF Chairman Dmitry Firtash as saying.
Group DF has developed an investment program outlining the titanium industry development in Ukraine.
According to the group, the acquisition of European titanium facilities opens new opportunities for Ukrainian industries.
"The Tifast acquisition deal is advantageous to all parties. Smartora's contributions of capital will assist Tifast in further modernizing its production facilities, as Tifast increases its product offerings and enhances its positions on the European market," the press service said.
Tifast, founded in 2006, is a specialized producer of titanium ingots and long products for use in industrial, aerospace and biomedical sectors. Tifast possesses fully-integrated production facilities incorporating a melting shop, rolling mill shop, scrap processing area and machine shop. The company has its own laboratory and research and development facilities.
Firtash is the owner of large chemical enterprises in Ukraine, Estonia and Tajikistan. He also invests assets in the financial sector and real estate.
His major assets belong to the chemical industry. In particular, he owns following Ukrainian-based chemical producers: OJSC Cherkasy Azot, Private JSC Severodonetsk Azot Amalgamation, Public JSC Stirol Concern (Horlivka, Donetsk region), and OJSC RivneAzot.
Other assets are Crimean Titan in Armiansk, Crimea (where he owns 50% minus one share) and its branches: Irshansk mining and dressing mill in Zhytomyr and Vilnohirsk mining and metallurgical mill in Dnipropetrovsk region, as well as OJSC Crimean soda plant in Krasnoperekopsk, Crimea, and Kyiv-based Nadra Bank.
He also owns plants outside Ukraine: Nitrofert in Estonia and TajikAzot in Tajikistan.