09:49 31.08.2021

Ukraine plans to put Turboatom with Electrotyazhmash up for sale

2 min read
Ukraine plans to put Turboatom with Electrotyazhmash up for sale

The Cabinet of Ministers of Ukraine included Turboatom, more than 75.22% of which belong to the state, to the list of objects of large privatization, while approving the joining of Electrotyazhmash Plant (both based in Kharkiv) after the corporatization of the state-owned enterprise.

According to government resolution No. 1005-r dated August 26, 2021, the State Property Fund (SPF) was instructed to carry out a set of measures and procedures related to the merger of Electrotyazhmash with Turboatom.

As reported, the Ukrainian government in January 2019 excluded Turboatom from the list of large privatization objects.

In turn, the SPF, in terms of privatization for 2021, planned to sell the single property complex of Electrotyazhmash Plant state enterprise.at an auction.

However, on August 26, the shareholders of Turboatom approved the joining of Electrotyazhmash to it on the initiative of the SPF, and on September 28, the shareholders plan to approve the transfer act, as well as the conditions for converting the shares of Electrotyazhmash into the shares of Turboatom and make a decision on the issue of shares for the purpose of such conversion.

The enterprises are partners in the production chain.

Electrotyazhmash, which has been in a difficult financial condition in recent years, specializes in the production of powerful hydro generators, turbine generators for thermal power plants and nuclear power plants, electric motors for drives of rolling mills, mine hoists, traction electrical equipment for railway and urban transport.

Turboatom is the only Ukrainian manufacturer of turbine equipment for hydro, thermal and nuclear power plants. The geography of supplies of the enterprise covers 45 countries of Europe, Asia, America and Africa.

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