KTZ JSC invests more than 1.2 billion rubles in technical re-equipment

Kaluga Turbine Works JSC (KTZ JSC), a subsidiary of Power Machines Company, invests more than 1.2 billion rubles in technical re-equipment.

The company plans to raise funds for the investment program both by increasing the KTZ JSC authorized capital through placing of additional stock and by borrowing. In case of placing of the entire stock issue at the established price, the volume of raised money will be about 780.99 million rubles. As of the date of this press release, the authorized capital of KTZ JSC is 675,016 rubles (517,012 ordinary shares of nominal value 1 ruble each, and 158,004 preference shares of nominal value 1 ruble each).

The investment program for a period of 2009 to 2012 includes renovation of production of rotor blades and diaphragm blades, improvement of the rotors, diaphragms and half-couplings machining process, purchase of equipment for cutting-and-blanking production, for manufacture of rotational diaphragms, manufacture of heat-exchangers and condensers, regulation assemblies.

The investment program includes purchase of equipment from world leading companies: SchtarragHeckert (Switzerland), Pama (Italy), Tacchi (Italy), Walter (Germany), Traub (Germany), Index (Germany), Water Jet Sweden (Sweden).

KTZ JSC will implement the most advanced technologies, which will allow the company to increase the output of power equipment by 100% (to a total power of 800 MW) by 2012.