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Russia's OMZ selling rig building to management
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| Yevgeni Yakovlev. |
(5/24/2004 - OGI: Moscow) Russia's Obedinennye Mashinostroitelnye Zavody
(OMZ) revealed today that it will divest its subsidiary company, OMZ
Onshore&Offshore. Yevgeni Yakovlev, CEO of OMZ, said the sale of OMZ
Onshore&Offshore is in keeping with the company's decision to focus on power
generation equipment and sell off all other non-core assets.
OMZ's management decided to divest OMZ Onshore&Offshore which manages the
company's shipbuilding and oil drilling equipment business in order to
finance its expansion into the power generation equipment business. OMZ
Onshore&Offshore will be divested under a management buyout scheme in which
more than 40 managers will participate.
The sale will be carried out in several stages. Management individually will
acquire 85% of the company. During the first stage this share will be
acquired by seven top managers of OMZ: Michael Aivazov, Vladimir
Andriyashin, Leonid Grabovetz, Nikolay Zharkov, Michael Kossolapov, Sergey
Lipsky, and Sergey Nikolaev. More than 40 employees of OMZ Onshore&Offshore
will participate in the buyout at a later stage and will pay for their
shares in three installments within two months.
OMZ Onshore&Offshore was independently valued at just over US$50 million,
which was approved by its board. .Those acquiring ownership will also assume
debt of approximately $70 million.
Yakovlev said, "A management buyout is the best option for the divestiture
of OMZ Onshore&Offshore today as it allows us to finance the acquisition of
the Skoda assets. We do not want to lose the momentum of developing the
company according to our vision. Management agreed to acquire OMZ
Onshore&Offshore on acceptable terms and in line with the current business
valuation, therefore we decided to go ahead with the deal."
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