05 April 2016
The 24.4% stake in Electroavtomat was transferred to the State Corporation by the State in 2009. The asset was then transferred to Technodinamika for operational management, but was on the asset disposal list in the State Corporation Reform Program.
“At the time of the deal, the book value of the enterprise was lower than its market value,” said Technodinamika CEO Maxim Kuzyuk. “As a result of talks, we have managed to realize the asset at a significantly higher cost, which generated a substantial profit for the Corporation and thus for the federal budget.”
Electroavtomat was set up in 1960 for batch production of switching and protective electrical equipment for the aviation industry. Today its product range includes not only aviation products, but also switchboard equipment, overvoltage protection devices and electricity meters for the consumer market.
“Electroavtomat is now a fast-growing, stable and sustainable production facility; however, the range of its aviation products is not critical for us as a systems integrator while the rest are non-core products for us,” said Maxim Kuzyuk. “That is why the State Corporation decided to sell off the asset.”