Tenex acquires carbon fibre producers
Russia's state-owned nuclear fuel trader Techsnabexport (Tenex) has acquired two domestic producers of carbon fibre in a move to expand its uranium enrichment program.
Tenex has acquired a 51% stake in carbon fibre producer Akron Plant, as well as all of Russia's only other manufacturer of carbon fibre, Zavod Uglerodnykh I Kompositsionnykh Materialov (Carbon & Composite Material Plant – CCMP). Both Akron and CCMP supply high-modulus carbon fibre that can be used in the manufacture of uranium enrichment centrifuges.
The acquisition of the controlling stake in CCMP – a former unit of the Chelyabinsk Electrolysis Plant – was made in two stages. In December 2006, Tenex bought 33% of the company's stock, with the remainder held by Viko-Trend (21%), Invest-Service (23%) and Nivel Group (23%). In a deal estimated to be worth some $15 million, Tenex bought the remaining stock in January 2007.
Tenex bought a 25.1% of the authorized capital of Akron in December 2005 and acquired a further 25% in 2006.
The Russian government, through the Federal Atomic Energy Agency (Rosatom), is accelerating its uranium enrichment program. Tenex has spent some $100 million acquiring manufacturing facilities to produce centrifuges in Russia. In 2005, it spent about $71 million to acquire two such plants – the Kovrov Mechanical Plant (KMZ) and Tochmash. In December 2006, prime minister Mikhail Fradkov signed a decree to assign Russian production of centrifuges to the two plants. Under the framework of the Russian Gaseous Centrifuge Project, centrifuge machine manufacturers will be consolidated under Rosatom.
"Russia's atomic energy agency is gathering key assets to the industry so as to have a strong fist," said an analyst with Moscow-based brokerage Troika Dialog. He added, "This assures the state of control over its nuclear program, but the deal also seems to be done at market prices."
Further information
WNA's Nuclear Power in Russia information paper
