The State Property Fund initiates reorganization of Electrotyazhmash

The State Property Fund (SPF), which holds a 75.22% stake in Turboatom, has initiated a special meeting of shareholders to discuss the issue of affiliating with Electrotyazhmash, according to Interfax-Ukraine citing the draft resolution of the meeting on this matter, the text of which was made public in the information disclosure system of the National Securities and Stock Market Commission.

“To affiliate Electrotyazhmash Plant JSC with the Company (business ID code 00213121),” reads the Interfax post.

The agenda of the meeting of shareholders of Turboatom JSC also includes approval of the market value of Turboatom JSC shares and change of its name. Turboatom JSC is proposed to be renamed to Ukrainian Power Machines JSC (Ukrenergomashyny JSC).

As reported earlier, the National Nuclear Energy Generating Company of Ukraine, Energoatom, approved Electrotyazhmash SoE as a supplier until May 2026, and shortly before, Ukrzaliznytsia authorized Electrotyazhmash to repair locomotives. The Company received a one-year accreditation certificate for the maintenance and repair of traction electrical equipment of Ukrzaliznytsia’s rolling stock.

Interestingly, the Company had financial difficulties in the past three years, exacerbated by creditors’ lawsuits. For instance, the Company had to pay ₴720 million in penalty fees to Sberbank.

Electrotyazhmash is one of the largest machine-building enterprises in Ukraine. It is a large metal consumer. The Company specializes in manufacturing of hydrogenerators, turbogenerators for thermal and nuclear power plants, electric motors for drives of rolling mills, mine hoists, traction electrical equipment for railway and urban transport. The plant partners with other producers from 50 countries.