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27.02.2012   А1 press-releases

A1 became a member of LLC HMZ

A1 Investment Company announces the acquisition of shares in LLC HMZ (Holding of Machine Building Plants) (Veliky Novgorod). Thus, A1 has become a member of LLC HMZ – the holder of the Corporation SPLAV’s assets, one of the largest manufacturers and suppliers of valves for nuclear power engineering and petrochemical complex.

The Corporation’s Board of Directors has appointed Alexander Fayn, General Director of A1 Investment Company, as the General Director of CJSC Corporation SPLAV and Yury Cherchen, Director of the Investment Department of A1, as the General Director of OJSC Kontur. Alexander Fayn and Yury Cherchen have extensive experience in the management of the defense industry plants. CJSC Corporation SPLAV and OJSC Kontur are the key assets of the Corporation.

It should be noted, that in the recent years, plants of the Corporation SPLAV have been under the control of criminal organizations. As a result, the plants have lost a significant scientific and technological capabilities, financial stability and market share, as well as reduced competitiveness of their products. In this regard, the main tasks of A1 for the nearest future will be normalization of the situation, financial recovery and rehabilitation of industrial, scientific and technological capabilities of the Corporation SPLAV's plants, which have suffered, according to the Ministry of Internal Affairs of the Novgorod Region, “from attempted raider attacks by criminal groups".

In addition, the return of the LLC HMZ’s assets, illegally taken out of the company, is also among the A1’s key objectives. Necessary to note, that appropriate judicial decisions have already been made in respect of the return of assets illegally taken out of LLC HMZ.

President of A1 Mikhail Khabarov noted that “participation of A1 in the capital of the leading manufacturer of products for ROSATOM (Russian Federal Atomic Energy Agency) offers great opportunities for the implementation of various investment projects at the industrial site of the Corporation SPLAV’s plants, giving necessary impetus for further development of the plant and increasing competitiveness of its products”.