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Евро групп, Берлин
19 September 2012, 0:00

JSC Kirovsky Zavod and Euro Group S.p.A. to create a production joint venture

Berlin, September 19, 2012: Russian  Kirovsky Zavod and Italian industrial holding Euro Group S.p.A. signed a Memorandum of Understanding about the creation of a joint venture involving the production of components for electrical machinery. Initial investments are projected to reach at least EUR 7.5 mln., production launch is scheduled for July 2013.

 

The joint venture is being created with the aim of manufacturing items made from electrotechnical steel and rotor cores for electric motors and generators. The new production facility will be located in St. Petersburg on the premises of JSC Kirovsky Zavod.

 

The contribution by Italian holding Euro Group S.p.A. in the newly created company will be equipment, production technology, market expertise and practical experience. For its part, JSC Kirovsky Zavod will prepare the new production facility, contribute its own technologies and R&D, provide organizational, legal and practical support for the project launch at the local level, and assume responsibility for the resolution of ongoing production matters associated with procurements, logistics, etc. According to the Memorandum, Euro Group S.p.A. will hold a 51% stake in the new company, with the remaining 49% of shares owned by JSC Kirovsky Zavod. Potentially emerging as one of the first consumers of the new company's products is a subsidiary of Siemens AG in St. Petersburg, whose core business areas include the production of electrical goods and power-generating equipment.

 

JSC Kirovsky Zavod General Director Georgy Semenenko and Euro Group S.p.A. President Sergio Iori signed the Memorandum at the international "Railway Engineering" conference in Berlin held during the InnoTrans 2012 exhibition. The Memorandum was the result of intensive negotiations conducted by representatives of both companies throughout 2012. The document sets out the intentions of the parties with respect to the creation of the joint venture, and establishes the key phases on the path to production launch. Pursuant to the Memorandum, the articles of incorporation will be signed by end of 2012. Production launch at the new Joint Venture is scheduled for July 2013.

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