Power Machines and EMAlliance have signed an agreement on entering into the authorized capital of EMAlliance PJSC by Power Machines OJSC.
A share purchase agreement has been signed between Power Machines OJSC and Auburn Investments Company, which is the holder of 100% of EMAlliance PJSC shares. The transaction can be completed after having obtained the required approval from the Federal Antimonopoly Service of the Russian Federation as well as from similar national authorities of a number of other states.
”The integration between EMAlliance and Power Machines is a logical step for both parties and it will provide the companies with additional development prospects. This will eventually enable us to implement larger projects through supplying complete sets of equipment for boiler and turbine islands, and will also contribute to maximizing profits,“ believes Igor Kostin, Director General of Power Machines OJSC.
In his turn, Timur Avdeenko, President and Chairman of the Board of Directors of EMAlliance PJSC, notes that for EMAlliance this agreement is a quite logical step towards development at an entirely new level. ”In the modern context, only the establishment of a large-scale diversified group of power-plant engineering companies can ensure the most sufficient supply of engineering solutions for the development of national energy system, effective competition against international corporations in overseas markets and draw a sufficient level of financing for innovative scientific and technological developments in the industry. I am sure that this is a real and significant step in modernizing the Russian economy and increasing the share of competitive products of our engineering industry in international markets,” he points out.
EnergoMachinostroitelny Alliance (EMAlliance) PJSC is one of the largest Russian power-plant engineering companies with international experience and expertise in the field of design, production and complete shipment of boiler and turbine islands for thermal power industry, including execution of turn-key (EPC) contracts. EMAlliance owns 77.33% of equities of Krasny Kotelshchik TKZ PJSC and 100% of shares of one of the largest European companies producing boiler and heat exchanging equipment, Duro Dakovic (Croatia). Engineering branches of EMAlliance are located in Taganrog, Podolsk, Barnaul and Ivanovo. As of today, the Company has competence in creating boilers with steam capacities ranging from 100 to 4000 tons of steam per hour (including boilers for equipment operating under subcritical, supercritical and ultrasupercritical steam conditions), owns the technology of engineering and manufacturing of HRSGs for combined cycle power plants, carries out design and complete set delivery of equipment for waste incineration plants and biomass refineries, and continues to develop technologies in the field of renewable energy sources, flue gas treatment systems, coal gasification and CFB.