OMZ to sell Pilsen Steel for 125.6 mln euros

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RIA Novosti, PUBLISHED August 05, 2010

OMZ Group, one of Russia's largest heavy engineering companies, is to sell one of its Czech subsidiaries, Pilsen Steel, for 125.6 million euros, the company said on Wednesday.

The sale will help OMZ, controlled by Russia's Gazprombank, focus on the steel business in Russia, where it specializes in producing equipment for the nuclear industry, oil and gas companies, and electric power facilities, the company said.

Funds from the sale of the Czech subsidiary will be used to reduce OMZ's debt as well as for investment and equipment upgrades.

Topics: Czech

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