KuibyshevAzot OJSC acquires Kurskkhimvolokno Plant

Fri, 11 January 2008

On December 19, 2007 the documents related to the acquisition of Kurskkhimvolokno by KuibyshevAzot were signed.

The deal was finalized in line with the agreement between A.N. Mikhailov, the Governor of Kursk Region and V.I. Gerasimenko, the General Director of KuibyshevAzot OJSC reached in September to increase production volumes at one of the largest and oldest plants of Kursk city.

The acquisition of this enterprise is consistent with the long-term strategy program of KuibyshevAzot - increase of caprolactam processing within Russia - and will enable to avoid technical yarn and cord fabric shortage caused by the shutdown of Khimvolokno plant in Kemerovo. Further on the imports of caprolactam downstream products is expected to be reduced after capacity expansion at Kurskkhimvolokno.

According to the agreement reached between the parties the price of the deal shall not be disclosed.