December 04, 2008

Atomenergomash buys 51% stake in Czech Arako

RIA Novosti reported that Atomenergomash, a Russian supplier of equipment for nuclear power plants, bought a 51% stake in Czech company Arako a top manufacturer of industrial valves.

The purchase agreement was signed in Prague by Mr Zdenek Mitas and Mr Andrei Sleptsov general directors of Arako and Intelinergomash, a subsidiary of Atomenergomash which paid the EUR 7.5 million from it own funds.

Arako could now capture up to 50% of the Russian small diameter industrial valve market. The segment is worth an estimated USD 50 to USD 100 million annually.

Atomenergomash is a subsidiary of the state-owned TVEL Corporation, a leading producer of nuclear fuel.