Power Machines withdraws two more assets to Nordenergogroup

MOSCOW, Aug 21 (PRIME) -- Russian power engineering company Power Machines, which was hit by the U.S. sanctions, spun off two more assets into special investment managing company Nordenergogroup of tycoon Alexei Mordashov, as seen by PRIME on Wednesday in the financial report of Power Machines.

The company transferred industrial equipment producer Interplast and power machines producer EMAlliance to Nordenergogroup, as the report says.

Severgroup of Mordashov, the parent company of Power Machines, in May said that it planned to decentralize assets of Power Machines into separate businesses, and Severgroup’s subsidiary Nordenergogroup was created to manage them.

Under the plan, Power Machines was to retain large-capacity power generation, while small- and medium-capacity generation should be transferred to Kaluga Turbine Plant, heat-transfer equipment production to Taganrog Boilermaking Plant Krasny Kotelshchik, and electrical engineering assets to Power Machines–Rheostat Plant. The company planned to make the changes gradually throughout 2019–2020.

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