The Skoda Holding group, which is 100% owned by Appian Group, has sold three daughter companies – including nuclear equipment manufacturer Skoda JS – to Russian heavy engineering group OMZ.
The parties concerned have agreed not to disclose the price of the sale, although an OMZ statement said that the combined sales of the companies amount to over $200 million.
The agreement was signed by Evgeny Yakovlev, CEO of OMZ, and Jiri Zapletal, CEO and chairman of Skoda Holding. Once the acquisition is completed, Skoda JS will be incorporated in the nuclear power generation equipment division of OMZ.
Yakovlev said the acquisition “opens doors to the East European market, where we see many opportunities especially in the area of servicing and modernising of conventional halls of nuclear power plants.”
Skoda JS supplies of the whole primary circle and transport-technological part of VVER nuclear blocks (such as the Temelin and Dukovany plants in the Czech Republic, and the Slovak Republic’s Mochovce plant). As of 31 March, it employed 734 people and its revenues for 2003 reached CZK 3.03 billion ($110 million); this figure does not include internal commissions worth CZK 3.285 billion ($120 million).
The acquisition, which resulted in the creation of the biggest Russian power equipment enterprise, was announced on 18 December 2003 and approved by the OMZ board of shareholders on 27 February 2004. The three companies together employ over 1900 people, all of which will be taken on by OMZ.
