Rusnano to Fund Pipe Nanotechnology Project
Published on by Water Network Research, Official research team of The Water Network in Business
Company Plans to Buy Shares in Pipemaker OAO TMK (TMKS) toHelp Funding a Technology Project
OAO Rusnano, a state-controlled technology investor, plans to buy new shares issued by pipemaker OAO TMK (TMKS) to help to fund a technology project.
After the purchase, the state corporation will hold 6 percent of TMK's shares, Rusnano press-service said by phone today. The deal is planned as the corporation seeks to help the world's largest pipemaker by volume with its technology project, Rusnano's Chief Executive Officer Anatoly Chubays said in in interview with Itar-Tass earlier today.
Rusnano's board approved financing of TMK's project to expand production of stronger welded and seamless pipes made with the use of nanotechnology, the manipulation of materials at molecular or atomic level. The pipes will serve in offshore drilling, which demands increased strength.
OAO TMK (TMK) is Russia's largest manufacturer and exporter of steel pipes and ranks among the global top three pipe producers. TMK GDRs and ordinary shares are traded on the London Stock Exchange (TMKS), the OTCQX (TMKXY), and the Russian Trading System (TRMK) and Moscow Interbank Currency Exchange (TRMK).
TMK was founded in 2001 and has production plants in Russia, the United States, Romania and Kazakhstan. TMK includes the Volzhsky, Seversky, Sinarsky, and Taganrog plants in Russia and TMK-Artrom and TMK-Resita in Romania. TMK IPSCO, the Company's US division, includes eleven assets in the Eastern and Central United States. Kazakhstan-based TMK-Kaztrubprom specialises in finishing and threading operations.
Source : Business Week / TMK Group
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