GAZ rolled off Oleg Deripaska

Ural and a number of other assets of the group were bought by Dmitry Strezhnev.
02.03.2020
Kommersant
Origin source
Part of the assets of the GAZ Group Oleg Deripaska transferred to the United Engineering Group (OMG) Dmitry Strezhnev. OMG closed a deal to acquire the Ural automobile plant, which had previously come under its control, and also received a stake in the Yaroslavl Motor Plant, the engines of which Ural vehicles are equipped with. In addition, OMG left the RM-Tereks joint venture, which manufactures special equipment.

The United Engineering Group (OMG) of Dmitry Strezhnev closed the deal to acquire the assets of the GAZ group, Interfax reports citing a source. According to the agency, OMG became the owner of 100% Ural Automobile Plant JSC, as well as RM-Tereks LLC (managed by Tverskoy Excavator CJSC, Chelyabinsk Construction and Road Machines CJSC, Bryansk Arsenal CJSC and CJSC "Zavolzhsky caterpillar tractor plant"). In addition, Mr. Strezhnev became a co-owner of the Yaroslavl Motor Plant (YaMZ), having received a share of 47.2% - "about the same stake remains with GAZ." YaMZ engines are used to equip Ural vehicles. GAZ Kommersant confirmed the finalization of the transaction for these assets, without commenting on the distribution of shares.

RM-Tereks, according to SPARK, has been owned by Construction Equipment Corporation B.V. since 2012. with registration in Amsterdam. The GAZ and Terex group signed an agreement on the creation of a joint venture for the production of construction equipment in Russia in May 2011. In 2012, the GAZ Board of Directors approved the creation together with OJSC Bryansk Arsenal, OJSC Zavolzhsky Crawler Tractor Plant Plant (ZZGT) and TVEKS OJSC Construction Equipment B.V. It was about creating a joint venture of the holding and the American manufacturer of construction and road construction equipment Terex Corporation. By decision of the board of directors, GAZ contributed to the charter capital of this joint venture more than 1 million shares of CJSC Chelyabinsk Construction and Road Machines with a market value of 600 million rubles. and 100% of the authorized capital of Spetstekhnika - GAZ Group LLC worth 564 million rubles. Also, Bryansk Arsenal OJSC was to contribute 340 thousand shares of Bryansk Arsenal CJSC with a market value of 933 million rubles, TVEKS OJSC - 469 thousand shares of Tverskoy Excavator CJSC worth 821 million rubles, ZZGT OJSC - 239 , 5 thousand shares of ZZGT CJSC with a market value of 853 million rubles. As a result of the transaction, the share of GAZ in the authorized capital of the joint venture will reach 30.87%, the share of Bryansk Arsenal - 24.74%, the share of TVEKS - 21.77%, the share of ZZGT - 22.62%. Nowadays, Bryansk Arsenal PJSC is 85.98% owned by AMZ JSC, the parent company of which is Orlan Company. According to SPARK, 50% in the latter belong to George Mazurkovsky, 38.3% to Svetlana Tsareva. At the same time, OMG owns 25% in Barnaultransmash, a manufacturer of industrial diesel engines, where another 19.68% belongs to VPK LLC, which is 100% owned by AMZ.

At the end of 2018, it became known that Dmitry Strezhnev was buying out Ural from Oleg Deripaska's GAZ group. The automaker reported that the management decided to get rid of the assets of special equipment and construction and road machines.

GAZ has long been planning to focus on key business areas and was considering the possibility of selling assets that occupy niche positions in the market, they explained there.

Mr. Strezhnev is well acquainted with this asset - in 2001 he was the director of the Ruspromavto holding, which was bought out by the Urals after privatization. But, according to SPARK, now the plant is still owned by the GAZ group, but is managed by OMG. The data on the transfer of other assets to Mr. Strezhnev are also not reflected in SPARK.

The deal with OMG reduced the debt of the GAZ group and supported its financial result amid falling markets and the negative impact of US sanctions, which would allow us not to reduce the investment program in 2020, a source close to the group told Interfax. In 2019, GAZ Group CEO Vadim Sorokin appealed to the government with a request to increase state support, promising to send it, including to subsidize the interest rate on loans. It was supposed to double the portfolio of such subsidized loans to 66.6 billion rubles. The need was estimated at 9.52 billion rubles., Of which in 2019, 2.14 billion rubles would be required from the budget, and another 2.74 billion rubles. in 2020 and 4.64 billion rubles. in the year 2021.

At the end of the year, the Ministry of Industry and Trade on behalf of the president proposed increasing support for the GAZ group. The company was supposed to allocate 8.6 billion rubles from the budget. until 2021 to subsidize interest rates on loans, of which 3.3 billion rubles - in 2019. As a result, the pledged amount was less than the general request of the GAZ group, however, funding for 2020–2021 can still be adjusted. GAZ also abandoned the intention to switch to a four-day working week amid the loading of the enterprise at the expense of state orders. As Kommersant reported on August 23, the transition to a part-time week with a reduction in wages could last from the end of October to April 20, 2020, due to sanctions restrictions and a declining market.

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