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Yekaterinburg nonferrous plant to reorganize into UralPlatinumProcessing
(Interfax News Agency Via Thomson Dialog NewsEdge)YEKATERINBURG. March 1 (Interfax) - Shareholders of the Yekaterinburg Nonferrous Metals Processing Plant, a division of the Renova group, will set up a new company called UralPlatinumProcessing on the basis of the plant, a company spokesman told Interfax.
The new company will make similar products, but "this will be a completely new brand," he said. He did not specify the timetable for the creation of the new company or its form of ownership.
The company said it should complete moving its production facilities to the Sverdlovsk region town of Verkhnyaya Pyshma by the end of 2007. The plant's equipment will be installed in the building that now houses the company's refining facilities.
Kazgidrotsvetmet, the leading design institute for nonferrous and ferrous metallurgy, gold mining and machine-building in Kazakhstan, won a tender at the end of February to draft the plans for the move, the Yekaterinburg Nonferrous said in a press release. The Kazakh firm will also oversee the construction, which will begin at the same time as the design work.
Renova StroiGroup, a real estate development unit of the
Renova
group, has acquired the plant's complex of buildings in
centralYekaterinburg, where it will build a business center with about 100,000 square meters of floor space. Under the terms of the purchase agreement, the plant will gradually move its production lines to a site in Verkhnyaya Pyshma.
The move will be a key phase of Yekaterinburg
Nonferrous'
modernization, as there were a number of restrictions to
itsmodernization at the current location. The sale of the buildings will enable Yekaterinburg Nonferrous to invest the proceeds in production,
new equipment, improving working conditions, and designing
new
production lines that meet all technological and
environmentalrequirements.
Yekaterinburg Nonferrous provides a full range of precious metals refining, processing and manufacturing services. The plant is owned by Renova and Switzerland's Investment Partner AG. Vp pr
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