United Industrial Corporation (OPK) plans to finalize integration of Severnaya Verf and Baltiysky Zavod in 2010-2011, OPK press center reports according to AK&M. Design capacity of a joint company is to make 500,000-dwt per year. Investments into the project to total RUR 13.7 billion. The project is to be financed by OPK with attraction of credit funds.
United Industrial Corporation (further referred to as OPK) manages assets in the most promising sectors of the Russian economy. The core of the Group is formed by United Industrial Bank CJSC along with other OPK subsidiaries - the largest Russian shipbuilding enterprises Severnaya Verf OJSC and Baltiysky Zavod OJSC.
Shipbuilding plant Severnaya Verf (Severnaya Verf OJSC) is one of the largest shipbuilding companies in Russia. Major shareholders of the company are United Industrial Corporation CJSC (72.23%, affiliated with Mezhprombank) and RFFI (20.96%). Today the yard specializes in construction and repair of transport, industrial and auxiliary vessels. In 2006, the company’s IFRS net profit totaled $15 million (+54.6%, year-on-year), EBITDA profitability grew to 16.3%.