Машиностроение

The largest Ukrainian turbine producer, Turboatom [TATM UZ, HOLD], increased its Net Revenue in 3Q2008 to USD 19.6 mln. This amount is 7.13% more than the Net Revenue for the same period a year ago. Net Income for this period increased to USD 1.2 mln, which is +425% QoQ; however, it also translates to -12.6% YoY.

The holding company AvtoKrAZ [KRAZ UZ, N/R] plans to reduce approximately 10% of its current staff. However, despite this new development, the company’s press service has also announced that the situation at the plant remains stable, and that AvtoKrAZ plans to maintain its production levels for this year at results that are not lower than the company achieved in 2007.

The Cabinet of Ministers of Ukraine transferred the Ministry of Industrial Policy of Ukraine authority for the management of state corporate rights for a number of enterprises. This includes 99.57% of the Odessa Port Plant, 75.22% of Turboatom, 50% of Azovmash, in addition to stakes in other companies.

Sumy Frunze [SMASH UZ, N/R], one of largest European producers of equipment for the oil and gas and the chemical industries, has delivered compressor equipment and power units to the company Surgutneftegaz (Russia), as part of a deal valued at USD 50 mln.

AZOVMASH intends to deliver furnace-charging equipment that is 4.2 m in diameter to the Dunaferr Metallurgical Plant (Budapest, Hungary) in 2009.

On October 10, Turboatom [TATM UZ, HOLD] won a tender for the modernization of the K-200-130 turbines at the Luhansk TPP (Thermal Power Plant) and the Kurahovskaya TPP.

Sumy Frunze [SMASH UZ, N/R], intends to deliver compressor equipment to the Russian gas monopolist Gazprom. An order was placed in the amount of USD 70 mln, for completion by April 2009.

Brunswick Rail Leasing (Russia) plans to buy at least 2 thsd railcars from Stakhaniv Railcar Works [SVGZ UZ, BUY], from amongst its production in 2009.

The Bogdan Corporation and the Skoda Transportation Company (Czech Republic) have established a joint company "Bogdan" - Skoda Transportation".

The State Property Fund (SPF) plans to sell its 11% stake in the Mariupol Heavy Machinery [MZVM UZ, BUY].