Rosatom’s TVEL, Germany’s Hermith plan to set up titanium JV

SOCHI, Apr 16 (PRIME) -- Russian state nuclear corporation Rosatom’s fuel company TVEL has signed a cooperation agreement with German titanium supplier Hermith to create a joint venture for production of titanium products with a high added value, TVEL said in a statement on Tuesday.

The venture will sell its products to aviation, car, and pharmaceutical companies, TVEL said, adding that the agreement also encompasses promotion of the companies’ products on the European market and on other promising markets.

The company also quoted its President Natalya Nikipelova as saying that the goal of TVEL’s strategy is to raise revenue from non-nuclear businesses by 1100% until 2030 as compared with more than 13 billion rubles the company received in 2018.

“Since 2010, revenue of Chepetsky Mechanical Plant (a unit of TVEL) from titanium alloy products has soared by more than 10 times, and it is to continue growing rapidly and to exceed 3 billion rubles until 2020,” Nikipelova said as quoted by the company.

(64.2469 rubles – U.S. $1)

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