OREANDA-NEWS. December 26, 2011. OJSC Power Machines and PJSC EMAlliance have signed an agreement on OJSC Power Machines acquiring a share in the authorized capital of PJSC EMAlliance.

Share purchase agreement has been signed between OJSC Power Machines and Auburn Investments Company which is the holder of 100% of shares of PJSC EMAlliance. The transaction can be completed upon the necessary approval by the Federal Antimonopoly Service of Russia as well as by similar governmental authorities of a number of other countries.

“PJSC EMAlliance and OJSC Power Machines integration is a logical act for both parties and will provide the companies with additional prospects for further development. Eventually it will enable to implement major projects through complete supply of the equipment for Boiler and Turbine islands as well as will contribute to profit maximization”-considers Igor Kostin, the Director General of Power Machines OJSC.

In his turn Mr. Timur Avdeenko, President and Chairman of Board of Directors, PJSC EMAlliance, noted that for PJSC EMAlliance this agreement is a fully logical step on the road of development at a completely new level. “In the modern context only establishment of a large-scale multibusiness power-plant engineering concern is able to provide the most appropriate offer of technical solutions for development of the national power system as well as sufficient level of financing technical-scientific researches in this field. I am sure it is a real and significant step on modernization of economy of Russia, increase of competitive product share of the national power engineering industry on any international markets” – he pointed out.