Rus News Journal

The governor has handed over “ Kurskhimvolokno “

Open Society “ Kujbyshevazot “ (KuAz) has informed on Open Company acquisition “ Kurskhimvolokno “. Active cost, according to analysts, does not exceed $1 million Thus KuAz wants to avoid deficiency of capacities on man-made fiber release in Russia and to raise capitalisation on the eve of an exit on IPO. Experts doubt that the Kursk factory considerably will increase cost of KuAza. According to representative KuAza Elena Kosovoj, purchase “ Kurskhimvolokna “ it is entered in the strategic program “ Kujbyshevazota “ on processing increase kaprolaktama in the Russian Federation. She will allow to avoid deficiency of a technical thread and kordnoj a fabric (kaprolaktam is raw materials) in connection with a stop of the similar enterprises in Engels, Kemerovo and to the Wedge so at toljattintsev there will be a guaranteed commodity market. The transaction is carried out within the limits of the arrangement of Kursk governor Alexander Mihajlova and general director KuAza Victor Gerasimenko. The enterprise is small and has gone bankrupt some years ago. According to sources in the market, the sum of transaction has not exceeded $1 million In the nearest plans of KuAza - restoration of volume of output “ Kurskhimvolokna “.

Open Society “ Kujbyshevazot “ (Tolyatti) largest in Russia the manufacturer kaprolaktama (30 % of the market), lets out products of organic and inorganic chemistry. According to SPARK`S data, the greatest share (27,41 %) belongs to Open Company “ Kujbyshevazot - plus “. Under the information „“, to 60 % of actions supervises management. A gain for three quarters 2007 - 12,33 mlrd, net profit - 1,36 mlrd roubles.

capacities of Open Company “ Kurskhimvolokno “ allow to make to 10 thousand t a polyamide fibre and a thread in a year. Gain in 2006 - 49,146 million, dead loss - 9,737 million roubles. Until recently the enterprise was included into group “ neftehimprom “.
Now KuAz conducts preparation to IPO. However the head of department of corporate relations KuAza Sergey Bobrovsky asserts that acquisition does not concern placing. Meanwhile the source in KuAze has informed that the question on carrying out IPO remains opened: “ We move towards placing of actions, but concrete terms is not appointed “ - has told a source, having added that acquisition will increase company cost before IPO.

Meanwhile experts doubt that the Kursk factory will increase cost of KuAza. “ Hardly acquisition will make serious impact on capitalisation of KuAza: the profit “Kurskhimvolokna“ makes $2 million, while profit of KuAza - about $650 million “ - the analyst " has explained; finama “ Michael Frolov. As he said, KuAz has made the first acquisition, and further the policy of the company will be directed on purchase of the new profile enterprises. He believes that now fair cost of KuAza makes a $780 million order, and capitalisation on RTS - $616 million Analyst of Alpha bank Andrey Fedorov has agreed that KuAz builds holding structure, but doubts that such policy will allow the company to increase cost. Under its assumption, advantage of the transaction can consist in integration of manufactures of two factories.

according to the director it is information - analytical agency “ Aniteks “ Annas Mitrofanovoj, interest of the Tolyatti enterprise to the Kursk consists in expansion of let out assortment, and also in increase in capacities on raw materials processing. “ it is more favourable to sell a ready product, than polyamide or kaprolaktam, as at it above added cost “ - has explained the expert. She has added that polyamide threads are irreplaceable raw materials for the textile industry. But the great demand on threads is satisfied basically at the expense of the Chinese import.

Tatyana Karabut