23:32 GMT +316 December 2017
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    RUSSIAN ENGINEERING GIANT BUYS THREE SKODA SUBSIDIARIES

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    MOSCOW, April 23 (RIA Novosti) - An agreement on the purchase of Czechia's three Skoda holding subsidiaries by the Russian United Engineering Plants (OMZ)-Power Machines (SM) Group was signed in Prague this Friday.

    This transaction applies to Skoda JS and the consortium Skoda Steel-Hute and Kovarny.

    Skoda JS is engaged in designing, manufacturing and servicing nuclear engineering as well as the petro-chemical and oil-refining industries. The company Skoda Kovarny is the world leader in the production of complete sets of equipment for four-cycle diesel engines and metal constructions for wind electrical power stations. As to Skoda Hute, its staple is steel and cast iron moulds.

    The aggregate sale of these three companies in 2003 made about $200 million; their personnel as of March 31, 2004, totalled 1,921.

    On the accomplishment of the deal, Skoda JS will be integrated in the OMZ-SM nuclear engineering section while the consortium Skoda Steel will become part of the metallurgical complex.

    On December 2003, the United Engineering Plants (OMZ) and the Power Machines (SM) consortium announced their merger promising to turn into Russia's leading producer of energy equipment.

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