HMS Group: Federal Antimonopoly Service (FAS) Approved Acquisition of Dimitrovgradkhimmash
HMS Group announced, that the Federal Antimonopoly Service approved the acquisition of 51% of a share capital in Dimitrovgradkhimmash (“DGHM”).
HMS Group has purchased 29.99% stake of the DGHM’s share capital in 2007 and increased its stake to 40% in 2009. Under the transaction announced on February 21, 2012 HMS Group acquired additional 11% for Rub 206 million (c.$7 million).
The company consolidates DGHM’s financials into HMS Group’s IFRS reporting starting from December 31, 2011.
Dimitrovgradkhimmash is the Russian manufacturer of equipment for oil refining, chemical, petrochemical and gas processing purposes. Founded in 1931, DGHM supplies major oil & gas and chemical companies with a wide range of products – from pumps for oil and oil products to tanks and vessels and other special technological equipment for different applications. For the FY2011, DGHM has revenues of Rub c.1.6 billion ($53 million) and EBITDA of Rub 387 million ($13.0 million) with a strong 24.5% margin, in accordance with RAS. The company had no outstanding debt as of the end of 2011.
Source: HMS Group