Power Machines Group completed consolidation of assets

Leningradsky Metallichesky Zavod, Turbine Blades’ Plant and Electrosila were excluded from the state register of legal entities in order to merge with Power Machines Group.

Taxation agency of the Saint-Petersburg Kalinin district has already amended appropriate changes in the Consortium’s by-laws. Power Machines succeeded rights, liabilities and assets of the three companies.

The shareholders of the integrated companies had the right to sell their stakes. The shares were bought out in due time. The overwhelming majority of shareholders decided to convert their shares into those of Power Machines at established coefficients. National Registry Company – registrar of the Power Machines shares - will register the conversion of the integrated companies stakes into Power Machines common shares.

The integrated companies received the status of affiliates, which makes them independent entities, fully responsible for the designing and manufacturing work. The management of the affiliates stays in the hands of their present general directors. The workers of the integrated companies will be transferred to the corresponding affiliates, their posts and salaries unchanged.

Although officially the merger has been completed, much remains to be done on the way to the actual unification of businesses, said General Director of the Power Machines Group Evgeny Yakovlev.