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Posted: Nov 23, 2011
Novomet Draws Sizeable Investment to Expand Production
(Nanowerk News) An agreement signed on November 17, 2011, will bring new shareholders – RUSNANO and direct investment funds Baring Vostok Capital Partners and Russia Partners Advisers – to Novomet-Perm. The investments will enable the Perm-based company to expand production of its highly effective submersible equipment for oil production.
The company plans to organize its project work in three areas: innovation, reconstruction-modernization of production, and provision of services through centers to be established as part of the project. As a result, Novomet is expected to take a more prominent position in foreign oil field equipment markets. To its existing service centers in ten countriesóRussia, Kazakhstan, Azerbaijan, and countries in the Middle East, South America, North Africa, and the Pacific OceanóNovomet plans to add facilities in ten more countries.
Novomet produces equipment that has won recognition for superior operating performance, greater durability, and broad demand in the market. Novomet-Perm General Director Oleg Perelman explains that "nanotechnology makes it possible to produce energy-efficient machinery capable of competing in global markets."
"Novomet has attracted an extremely strong, resourceful consortium of investors: RUSNANO, Baring Vostok, and Russia Partners Advisers," sated RUSNANO Managing Director Alexander Kondrashov. "I believe that our collective experience with high-power manufacturing capacity in a variety of countries and industries will help Novomet not only be a leader in the Russian market but also become a prominent player in the international arena."
Baring Vostok partner Konstantin Smirnov commented on the new agreement: "Novomet's many years of successful development and its use of state-of-the-art technology were decisive factors in our decision to invest resources from Baring Vostok Private Equity Fund IV. Having had considerable experience working in the Russian market, including in oil production, we are confident that through realization of this investment project, Novomet will move to a higher business level."
Dmitry Piskulov, Director of Russia Partners Advisers, explained that his company "decided on investment for a number of reasons, including Novomet's sold competitive advantages in the local market. These advantages stem from its in-house R&D and production and proprietary service bases. Together they enable the company to produce and sell equipment whose quality has won high regard in Russia and abroad."