SIBUR has completed the sale of its 100% stake in OJSC Plastik (Uzlovaya city, Tula region, Russia) to a group of private investors.
The deal value as disclosed by SIBUR totaled RUB 575 million.
Production of geosynthetics (geogrids and nonwoven geotextiles), spinned off as OOO Plastik-Geosintetika (a joint venture between SIBUR and Leader Innovations Closed-End Venture Capital Fund) in 2010, was not included in the transaction and continues to operate as part of SIBUR Group.
"Sale of OJSC Plastik is in line with the company's strategy of focusing investment resources on its key production assets, with more favourable geographic location and lower production costs," Dmitry Konov, SIBUR's CEO, commented. "We look forward to cooperation with the new OJSC Plastik's owner, who is committed to further development of the asset's core business."
OJSC Plastik's asset base includes production of styrene (with a capacity of up to 60 ktpa), expandable polystyrene (with a capacity of up to 11 ktpa), ABS plastics (with a capacity of 23 ktpa), and separators and phenolic plastics (with a capacity of 6.38 ktpa). It also operates the lines producing parts and components for the automotive industry and machine building, safety products for workers in the mining and construction industries, and household products for a wide range of consumers. Products of OJSC Plastik are sold on the domestic market and also exported to Western and Eastern Europe, CIS, and partially to Asia.
SIBUR Holding (tax number: 7727547261) is the largest Russian manufacturer of petrochemical goods, in particular, rubbers, tires, polymers and liquefied gases. In 2011, SIBUR processed more than 18 billion cubic meters of associated gas. SIBUR Holding's beneficiaries Leonid Mikhelson and Gennady Timchenko hold 82.5%, former and current managers of SIBUR LLC and OJSC SIBUR Holding 17.5% of the company's shares.
RAS net profit of SIBUR Holding for 2012 decreased by 44% to RUB 52.568 billion. Revenue grew by 2% to RUB 243.329 billion from RUB 238.534 billion, GP decreased to RUB 101.804 billion from RUB 102.263 billion.
IFRS net profit of SIBUR Holding for 9 months 2013 dropped by 14.7% to RUB 38.5 billion, revenue was RUB 197.6 billion, decreasing by 0.7% year-on-year (against RUB 198.957 billion for 9 months 2012). EBITDA decreased by 5.4% year-on-year to RUB 57 billion.