Little-known electrical equipment manufacturer Moselectroshield has acquired Russia’s largest steam turbine manufacturer Viktor Vekselberg, Ural Turbine Works, from the Rotek holding of the Renova group. “Kommersant”.
Kommersant explains that in Russia turbines are produced only by UTZ and the Leningrad Metal Plant (LMZ). According to the publication, the cost of the transaction amounted to about 10 billion rubles.
As one of the interlocutors of the publication, familiar with the structure of the transaction, said, Moselectroshield bought up to 90% of the company’s shares, and 10% remained with Mikhail, chairman and co-owner of Rotek. Lifshitz will remain chairman of the board of UTZ.
Since the end of 2022, Moselectroshield is owned by Alexander Plakida. Sources of “Kommersant” claim that this company does not have the competence and financial capabilities in the machine-building business, therefore the deal was concluded in the interests of another player.
Ural Turbine Works was founded in 1938 and is located in Yekaterinburg. The plant produces thermal turbines for domestic nuclear icebreakers and steam turbines for nuclear power plants. The company is also involved in 22 projects to increase their production capacity with a total capacity of 3 GW. Operating for over 80 years, UTZ has delivered 923 steam turbines to power plants in different countries, and also produced 573 gas turbines of various types, according to the manufacturer’s website.