Belgrade based Serbian Investment Company Hefestos Capital has acquired the European division of TMK in a deal which was closed late last year for an undisclosed price and has renamed TMK Artrom as Artrom Steel Tubes. Hefestos Capital purchased from TMK Group 100% of its German subsidiary TMK Europe, which in turns owns 99.999914% of the share capital of TMK Artrom. The owners of Hefestos Capital are Mr Milutin Nikolic and Mr Pavle Kavran with stakes of 50% each, he added.TMK Artrom is one of Europe's leading manufacturers of industrial seamless pipes, and the company exported nearly 85% of its products to more than 50 countries. It operates two production units in Romania: a steel pipes plant in Slatina and a steel mill in Resita where it employs a total of 2,320 people. The production capacity of TMK-Resita metallurgical plant is 450,000 tonnes of steel products per year, while that of TMK-Artrom is 200,000 tonnes of tubular products.In 2022, Romania's tax authority froze TMK Artrom's accounts and assets as a result of EU sanctions on Russia's invasion in Ukraine. Following the change in its ownership, Hefestos has requested that the company's assets and account be unblocked, as it no longer belongs to the Russian group.Russia’s leading pipe maker TMK is not including European subsidiaries in the group's structure starting from December 2022. According to a list of affiliated entities published by the company, companies no longer included on the list beginning on 12 December areTMK-Artrom in RomaniaTMK EuropeTMK ItaliaTMK Industrial SolutionsTMK-Artrom's General Director Mr Adrian Popescu, TMK-ltalia Head Mr Luca Zorzi and TMK Industrial Solutions Head Mr Michael Christopher were also removed from the list of affiliates as of 12 December.The website of the European division of TMK, the address of which is provided on the TMK website, is being overhauled, with the name of the Romanian company being given there as Artrom Steel Tubes.Last spring, TMK founder Mr Dmitry Pumpyanskiy withdrew as a shareholder of the company after being put on the EU sanctions list and control was transferred to the company's management. Mr Pumpyanskiy being subject to sanctions was the reason for the blocking of TMK-Artrom's accounts by Romanian tax authorities, local media reported. In the summer, the funds of TMK's European subsidiary were unblocked.Hefestos Capital was established in 2001 and has been active in the European, Asian and African markets in industries such as industrials and manufacturing, retail, oil and gas, FMCG, financial services and energy.